A consortium led by global alternative asset manager Blackstone has completed the acquisition of a 60 percent stake in Baltics-focused Luminor Bank for EUR1 billion (approximately USD1.1 billion). The consortium, which also includes a wholly owned subsidiary of Emirati sovereign wealth fund Abu Dhabi Investment Authority, acquired the majority stake from Scandinavia-based financial services groups DNB and Nordea. The two banks formed Luminor in 2017 by combining their respective Baltic operations. While each institution retains a 20 percent stake in Luminor, Blackstone has reportedly agreed to purchase Nordea’s remaining stake in the company in the coming years.