The asset manager Amundi It is in talks with the French investment bank Société Générale to buy the ETF provider Lyxor from it for 825 million euros, an operation whose completion is scheduled for February 2022.
Amundi buys Lyxor from Société Générale for 825 million euros
The leadership of the French entity approved the negotiation on Tuesday and anticipates that the sale of Lyxor has an impact of 18 basis points on the Group’s CET1 financial solvency ratio once it is completed.
“This transaction with Amundi will allow Lyxor teams to play an active role in building the undisputed leader in passive management in Europe in a consolidated market”, highlighted the CEO of Société Générale, Frédéric Oudéa.
Likewise, Oudéa explained that Amundi and the bank will continue to be partners key and that they will work together to ensure the integration of Lyxor into Amundi, both in the services provided to clients and in the relationships of the employees involved in the project.
Amundi, for its part, explained in a statement that with this acquisition it would become the European leader in ETFs, with a market share of 14% and 142,000 million euros combined in assets by adding the 124,000 million of Lyxor.
“The acquisition of Lyxor accelerate the development of Amundi, as well as his experience (…) and will strengthen business relations with our historical partner Société Générale “, has expressed the CEO of Amundi, Yves Perrier.
The operation is part of the Société Générale program launched in 2018 and is also in line with that of Crédit Agricole, of which Amundi is a subsidiary.
Created in 1998, Lyxor is the third largest ETF provider in Europe with € 124 billion in assets under management, of which 77,000 correspond to the ETF market and the other 47,000 to actively managed.