Two giants are merging in banking.

The largest bank in Norway, DNB, announced that an agreement has been reached to acquire the Sweden-based investment bank and asset manager Carnegie for 12 billion Swedish kronor (1.14 billion dollars).

In a statement from DNB, it was noted that Carnegie will be purchased from the private equity firm Altor and minority shareholders for approximately 12 billion Swedish kronor (1.14 billion dollars).

The all-cash purchase is expected to be completed in the first half of next year, following the necessary approvals.

Carnegie, which employs around 850 people, had assets under management of 436 billion Swedish kronor (41.4 billion dollars) as of September 30.