AXA and BNP Paribas Join Forces to Create European Asset Leader
Exclusive Negotiations Underway
The BNP Paribas Group has announced that it has entered into exclusive negotiations with AXA to acquire 100% of its AXA Investment Managers (AXA IM) subsidiary. The transaction, valued at approximately €51 billion, would combine two of Europe's leading asset managers, creating a new powerhouse in the industry.
Strategic Partnership
In addition to the acquisition, the two companies have also agreed to establish a long-term cooperation agreement. Under this agreement, BNP Paribas will manage a significant portion of AXA's assets, enhancing the bank's wealth management capabilities.
The partnership is expected to create a broader range of investment solutions for clients and strengthen BNP Paribas's position as a leader in the asset management sector.
Benefits for AXA
The transaction provides AXA with a significant cash infusion, which it can use to fund strategic initiatives and reduce its debt. The sale of AXA IM also allows the company to focus on its core insurance and asset management businesses.
Regulatory Approvals
The transaction is subject to regulatory approvals from relevant authorities. The closing of the deal is expected to occur in the first half of 2023.
The proposed combination of AXA IM and BNP Paribas is a testament to the evolving landscape of the European asset management industry. The deal, if approved, would create a formidable player with a wide range of products and services for investors.
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