Dexia: Signature of an agreement for the sale of Dexia Asset Management
Regulated information - Brussels, Paris, 25 September 2013 - 0.30 am
Signature of an agreement for the sale of Dexia Asset Management
Dexia announces today the signature of a share purchase agreement with New
York Life Investments for the sale of Dexia Asset Management, after having
entered into exclusive negotiations on 19 September 2013. The scope of the
transaction includes 100% of Dexia's shares in Dexia Asset Management and will
be realized for a firm price of EUR 380 millions.
Dexia Asset Management, a major player in asset management, with centres in
Brussels, Paris, Luxembourg and Sydney, has built a significant presence in
Europe and across international markets over the last 20 years. Dexia Asset
Management has EUR 74 bn in assets under management, as of 31 July 2013; it
provides investment solutions, spanning all asset classes to a diversified
client base across 25 countries. Dexia Asset Management has received multiple
awards in recent years across its entire product range. Renowned for its
specialist skills in fundamental and quantitative strategies, it has also
earned a solid reputation in tailored asset allocation solutions. It is
recognized as a front-runner in SRI (sustainable and responsible investments)
and in regulated Alternative Investments.
A wholly owned subsidiary of New York Life Insurance Company, New York Life
Investments is a leading investment management firm, with USD 388 billion in
assets under management, as of 31 July 2013. During the initial auction
process, New York Life Investments was one of the final contenders. New York
Life Investments constitutes a solid financial and operational partner, able
to support Dexia Asset Management's commercial development. Moreover, Dexia is
confident in its capacities to achieve a successful completion of the
Finalisation of this transaction remains subject to the approval of the
regulatory authorities. Dexia will release the impacts of the sale on its
financial situation and its regulatory ratios when the transaction is closed.
This announcement is distributed by Thomson Reuters on behalf of Thomson
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applicable laws; and
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information contained therein.
Source: Dexia via Thomson Reuters ONE
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