Last updated: 11:35 / Monday, 14 June 2021
Earlier than expected

Amundi Signs Master Agreement with Société Générale for the Purchase of Lyxor

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  • The transaction is expected to be completed by the end of 2021
  • It is still subject to prior approval from the competent regulatory and competition authorities.
  • The purchase was announced last April and will amount to 825 million euros (around 1 billion dollars)

There has been a slight change of plans in one of the most prominent deals of the second quarter of the year: the acquisition of Lyxor by Amundi. According to a statement released last week, both fund managers have already signed the framework agreement for this purchase.

This announcement comes earlier than expected. Initially, it was estimated that the transaction would be completed by February 2022, but Amundi has now announced that it is expected to be completed by the end of 2021. However, it is still subject to prior approval from the competent regulatory and competition authorities.

"Great news: the Lyxor - Amundi deal is signed. This key milestone is achieved much ahead of the planned schedule. We will now be seeking the various regulatory approvals which are the final prerequisite to closing the transaction. No doubt Lyxor and Amundi teams will continue to move forward with the same great spirit and at the same great pace", commented Lionel Paquin, CEO of Lyxor AM, in his LinkedIn account.

The transaction, which was announced last April and will amount to 825 million euros (around 1 billion dollars), would enable Amundi to accelerate the development of its ETF business and complement its offering of actively managed funds, in particular investment solutions in liquid alternative assets and advisory services.

Meanwhile, certain activities of Lyxor have been excluded from the scope of the transaction and will be retained by Société Générale. In particular, the structured asset management solutions business targeting Societe Generale's global clients and the asset management activities dedicated to savings solutions and carried out for Société Générale (branch networks and private banking), such as the structuring of savings solutions, fund selection and the supervision of the Group's asset management companies.

 

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