BNP Paribas signs deal to buy AXA IM for €5.1bn
BNP Paribas
€57.37
16:15 23/12/24
French banking giant BNP Paribas has purchased the investment management arm of AXA for €5.1bn, taking over €850bn of assets under management.
AXA
€33.67
16:15 23/12/24
CAC 40
7,265.10
16:15 23/12/24
DJ EURO STOXX 50
4,862.28
00:00 21/12/24
After announcing the start of exclusive negotiations between the BNP Paribas Cardif insurance business unit and AXA back in August, the bank on Monday said it has now signed a share purchase agreement for AXA Investment Managers.
The signing of the deal, which followed an "information-consultation procedure" with relevant employee representative bodies from both groups, will see the combined entity oversee €1.5trn of assets, making it one of the largest players in Europe.
“This signing marks an important step in the acquisition process of AXA IM and our long-term partnership with AXA," said Renaud Dumora, chairman of BNP Paribas Cardif and deputy chief operating officer of BNP Paribas.
"In anticipation of the closing process, all teams are now working to welcome AXA IM's employees and customers into the BNP Paribas Cardif Group,”
As part of the transaction, which is part of AXA's strategy to streamline and simplify operations around its core insurance business, BNP Paribas will manage a large part of AXA's assets. The deal is expected to close in mid-2025.