Walk
- Monday December 23, 2024 – 9:09 p.m.
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| Par The editorial staff
The signing of the Axa acquisition agreement took place on December 21, for a sale price of €5.1 billion.
After entering into exclusive negotiations at the beginning of August, BNP Paribas Cardif and Axa signed the agreement to acquire Axa Investment Managers on December 21.
This signature follows the completion of the information-consultation procedure of the relevant staff representative bodies of the Axa and BNP Paribas groups on the strategic issues of the project.
The sale price amounts to €5.1 billion at closing scheduled for mid-2025 with an anticipated impact on the CET1 ratio of the banking group of 25 basis points. The sale remains subject to the agreement of the competent authorities.
“In anticipation of the closing process, all teams are now working to welcome Axa IM employees and clients within the BNP Paribas Cardif group,” said Renaud Dumora, President of BNP Paribas Cardif and Managing Director, in a press release. deputy of BNP Paribas.
The press release does not, however, specify the scope of the 15-year partnership which will see Axa entrust the management of part of its capital to the bank's asset manager. At the end of the operation, BNP Paribas Cardif recovers €850 billion in outstandings, bringing its total to €1,500 billion.
At the beginning of September, the Axa IM subsidiary dedicated to alternative investment (Alts) announced that it would buy Capza by 2026. Axa was already a shareholder of the private investment platform specializing in private debt and private equity in mid- market (which manages €9 billion in assets) since its creation, before gradually becoming a majority shareholder.
The world of European asset management appears to be entering a phase of consolidation, following a repeated pattern in which an insurer refocuses on its core business by offloading its management subsidiary.
In parallel with the acquisition of Axa IM by BNP Paribas, Generali entered into negotiations with Natixis IM with a view to a merger. However, those between Amundi and Allianz have been at a standstill since the beginning of December, due to differences over the structure and control of the future entity.
