Amundi eyes acquisition of Lyxor for €825m; enters into exclusive negotiations

Amundi has entered into exclusive negotiations with Société Générale for the acquisition of Lyxor for a total cash consideration of €825m, or €755m excluding excess capital.

Amundi chief executive officer, Yves Perrier, believes the acquisition will “accelerate the development of Amundi, as it will reinforce our expertise, namely in exchange traded funds (ETF) and alternative asset management, and allows us to welcome highly recognized teams of people”.

“This acquisition is fully in line with the Crédit Agricole group’s reinforcement strategy in the asset gathering business. It will also further reinforce the business relationships with our historical partner Société Générale. Finally, by creating in France the European leader in passive asset management, it will contribute to the post-Brexit positioning of the Paris financial centre”.

Founded in 1998, Lyxor is a pioneer of ETFs in Europe and has €124bn in assets under management (AUM). It is one of the key players in the ETF market, with €77bn of in AUM in ETFs. It is the third largest ETF player in Europe and has 7.4 per cent market share. It has also developed a recognised expertise in active management (€47bn of AUM), notably through its leading alternative platform.

If the acquisition goes head, Amundi would become the European leader in ETFs, with €142bn combined AUM, a 14 per cent market share in Europe and a diversified profile in terms of client base and geography.

Amundi said it would benefit from strong levers to accelerate its development on the fast-growing ETF segment, while complementing its offering in active management, in particular in liquid alternative assets as well as advisory solutions.

The transaction is expected to be completed by February 2022 at the latest, after consultation of the Works Councils, and subject to receiving the required regulatory and anti-trust approvals.

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