BNP Paribas to Acquire French Firm, Ex-ETF Partner AXA [Yahoo! Finance]
BNP PARIBAS SPONS ADR (BNPQY)
NASDAQ:AMEX Investor Relations:
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Source: Yahoo! Finance
The two parties entered exclusive negotiations in August over the €5.1 billion ($5.3 billion) deal, with the new business to manage approximately €1.5 trillion ($1.56 trillion) in assets upon closing—currently expected for the summer of 2025. As part of the arrangement, BNP Paribas will also acquire the French insurer's Select business for a further €300 million ($312 million) and enter a "long-term strategic partnership" with AXA to provide investment management services. Renaud Dumora, Chairman of BNP Paribas Cardif, said, “In anticipation of the closing process, all teams are now working to welcome AXA IM employees and clients within the BNP Paribas Cardif Group." The tie-up is the latest example of consolidation within Europe's asset management industry, as providers turn to takeovers to increase scale. In 2022, Amundi completed the acquisition of Lyxor to form Europe's largest investment manager with €2.2 trillion ($2.3 trillion) in assets under management (AUM), as of t
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