Amundi: Amundi enters into exclusive negotiations for the acquisition of Lyxor
07 Aprile 2021 - 7:00AM
Amundi: Amundi enters into exclusive negotiations for the
acquisition of Lyxor
Press release
Paris, April, 7th 2021
Amundi enters into exclusive negotiations
for the acquisition of Lyxor
Amundi announces that it has entered
into exclusive negotiations with Société Générale for the
acquisition of Lyxor1 for a total cash consideration of €825m, or
€755m excluding excess capital2.
Founded in 1998, Lyxor is a pioneer in ETF in
Europe and has €124bn3 in Assets under Management (AuM). Lyxor is
one of the key players in the ETF market (€77bn of AuM4, 3rd
largest player in Europe with a 7.4% market share5) and has
developed a recognized expertise in active management (€47bn of
AuM), notably through its leading alternative platform6.
Thanks to this acquisition, Amundi would
become the European leader in ETF, with €142bn combined
AuM, a 14% market share in Europe7 and a diversified profile in
terms of client base and geography.
Amundi 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.
Given the high synergy potential, this
transaction compliant with Amundi’s financial discipline would be
significantly value accretive, with:
- an enterprise value representing a P/E 2021e multiple of ~10x8,
including run-rate cost synergies only
- ~+7% accretive on Amundi’s EPS 2021e, including run-rate cost
synergies only9
- return on Investment > 10% in year 3 after completion
including run-rate cost synergies only
This acquisition is fully in line with the
Crédit Agricole group’s strategy which aims at reinforcing its
position in the asset gathering businesses.
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.
About this announced entry into
exclusive negotiations, Yves Perrier, Chief Executive Officer of
Amundi, commented: “The acquisition of Lyxor will
accelerate the development of Amundi, as it will reinforce our
expertise, namely in 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”.
Valérie Baudson, Deputy Chief Executive
Officer of Amundi, added: “We are glad and are looking
forward to welcoming the talented teams of Lyxor. The combinations
of our strengths will allow us to accelerate our development in the
ETF, alternative asset management and the investments solutions
segments”.
***
About Amundi
Amundi, the leading European asset manager, ranking among the
top 10 global players10, offers its 100 million clients – retail
investors, institutional investors and companies – a complete range
of savings and investment solutions in active and passive
management, in traditional or real assets.
With its six international investment hubs11,
financial and extra-financial research capabilities and
longstanding commitment to responsible investment, Amundi is a key
player in the asset management landscape.
Amundi clients benefit from the expertise and
advice of 4,700 employees in nearly 35 countries. A subsidiary of
the Crédit Agricole group and listed on the stock exchange, Amundi
currently manages over €1.7 trillion in assets12.
Amundi, a Trusted Partner, working every
day in the interest of its clients and society
www.amundi.com
Press contact: |
Investors contact: |
Natacha Andermahr |
Anthony
Mellor
Thomas Lapeyre |
Tel. +33 1 76 37 86 05 |
Tel. +33 1 76 32 17
16
Tel. +33 1 76 33 70 54 |
natacha.andermahr-sharp@amundi.com |
anthony.mellor@amundi.com
thomas.lapeyre@amundi.com |
1 Certain activities from Lyxor are excluded
from the scope of the transaction and retained by Société Générale:
(i) structured asset management solutions intended for Société
Générale's global markets clients and (ii) asset management
activities dedicated to savings solutions and carried out for
Société Générale (Branch networks and Private Banking) such as
structuring of saving solutions, funds selection and the
supervision of the Société Générale Group's asset management
companies2 Excess capital of €70m compared to asset management
capital requirements applicable to Lyxor3 As of end December 2020,
for the considered transaction perimeter4 As of end December 20205
Source : Amundi, Lyxor, ETFGI, as of December 20206 Liquid
alternative assets investment platforms (notably UCITS funds) for
private banks and asset managers7 6.2% for Amundi standalone8 Based
on a €755 price, excluding excess capital9 Based on consensus 2021e
EPS, accounting for run-rate cost synergies10 Source: IPE
“Top 500 Asset Managers”, published in June 2020, based on AuM at
31/12/201911 Boston, Dublin, London, Milan, Paris and Tokyo12
Amundi data as of 31/12/2020
- PR Amundi Lyxor announcement 07 04 2021
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