BNP in Talks to Buy Axa Investment Managers in €5.1 Billion Deal

Combined entity will oversee about €1.5 trillion in assets
Axa to carry out €3.8 billion buyback after 2025 close

WATCH: “We have been looking for a partner that is like minded and with whom we can create a strong European asset manager in order to really serve our growth ambitions well to the future,” Buberl tells Bloomberg.Source: Bloomberg

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By Alexandre Rajbhandari, Pamela Barbaglia, and Jan-Henrik Foerster

August 1, 2024 at 4:45 PM UTC

Updated on

August 2, 2024 at 10:37 AM UTC

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BNP Paribas SA’s Jean-Laurent Bonnafe built a reputation as reluctant dealmaker in more than 12 years at the helm. Now he’s willing to bet €5.1 billion ($5.5 billion) that demand for alternative assets will continue to increase.

In his biggest purchase as chief executive officer of the French lender, Bonnafe agreed to buy Axa SA’s asset management unit to create one of Europe’s largest money managers, with roughly €1.5 trillion in assets overseen. A good chunk will be in popular and usually more lucrative markets such as private credit, infrastructure and real estate, where Axa adds more than €200 billion.