BNP Paribas Signs €5.1 Billion Deal to Buy Axa's Asset Manager [Yahoo! Finance Canada]
BNP PARIBAS SPONS ADR (BNPQY)
NASDAQ:AMEX Investor Relations:
invest.bnpparibas.com/en
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Source: Yahoo! Finance Canada
Most Read from Bloomberg Both sides had agreed on the price and outlines of the deal when they announced in August that they had entered into exclusive negotiations. The transaction is expected to close by the middle of next year, and have an impact of 25 basis points on BNP Paribas' CET1 ratio, the French lender said in a statement Saturday, confirming its previous guidance. The deal will 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. Prior to the purchase, the BNP CEO had shied away from big takeovers, deciding instead to return excess cash to shareholders after selling US lender Bank of the West for $16.3 billion last year. The Axa deal will allow BNP to challenge Europe's No. 1 in asset management, Amundi SA, although it would still be dwarfed by US firms such as Black
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