Dinamia and N+1 to merge

The listed firm will have three business lines: investment banking, asset management and direct investment activities.

The merger will see 43% of the enlarged group attributed to shareholders of Dinamia, with the remaining 57% attributed to N+1 shareholders. The resulting board of directors will be formed by an equal number of directors from both companies.

The aggregate income is expected to exceed €90m in 2014. Combined net profit in 2014 exceeds €40m.

N+1 has expanded through consolidation of the financial sector in recent years, incorporating 13 new businesses. The group has offices in seven European countries.

The merger will allow the business to expand its asset management activities. It is the largest change in corporate structure since N+1's private equity arm merged with fellow GP Mercapital in 2012.

The merger will be approved in February, subject to legal and financial due diligence carried out by PwC and Deloitte.

Dinamia is being advised by Banco Santander and Uría Menéndez, and N+1 by BBVA and Linklaters.

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