Goldman Sachs Group Inc. acquires the asset management division of NN Group NV, with cash revenues of 1.7 billion euros.

The NN Investment Partners deal is expected to close by the first quarter of 2022 (NN said in a statement on Thursday). Satish Bapat, Chief Executive Officer of the Investment Division, will immediately step down from NN`s board but will continue to lead NN Investment Partners.

NN Group and Goldman Sachs Asset Management will enter into a 10-year partnership under which the combined company will continue to provide asset management services to NN Group.

"Following the closure of this deal, NN Group expects to have excess capital that will be available for additional returns to shareholders over time, unless it is used to create value," the Dutch company said.