Amundi declared in a press release that it has entered into exclusive negotiations with Société Générale for the acquisition of Lyxor for 825 million euros (755 million euros excluding excess capital) in cash.
The asset manager highlighted that the transaction would allow them 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 operation 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.
After this acquisition, Amundi will become the European leader in ETF, with 142 billion euros in assets under management, a 14% market share in Europe and a diversified profile in terms of client base and geography.
Founded in 1998, Lyxor is a pioneer in ETF in Europe and has 124 billion euros in assets under management. It is one of the key players in the ETF market, with 77 billion of assets under management and a 7.4% market share in Europe. Also, Amundi pointed out that it has developed a recognized expertise in active management, notably through its leading alternative platform.
“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”, said Yves Perrier, Chief Executive Officer of Amundi.
Lastly, Valérie Baudson, Deputy Chief Executive Officer, claimed that they 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”, she added.
Por Funds Society, Madrid
