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Bond Market News
BNP Paribas to Buy AXA Investment Managers for €5.1bn
August 2, 2024
BNP Paribas is in exclusive talks to buy 100% of AXA Investment Managers arm at a price of €5.1bn ($5.5bn). The move is expected to significantly boost BNP Paribas’ asset management arm. On the other hand, Reuters notes that it would be a major strategic move for AXA to focus on its core businesses of life and health insurance, savings, property and casualty policies. A potential acquisition would see a combined AUM of ~€1.5tn ($1.6tn), making it among the European asset managers after leader Amundi’s AUM of €2.16tn ($2.3tn). The transaction is expected to close in mid-2025, with an ~25bp on its CET1 ratio. Separately, AXA said that BNP would pay €5.1bn ($5.5bn) in cash, with a 15-year agreement under which BNP would provide investment management services to AXA.
Both, BNP Paribas’ and AXA’s dollar bonds were trading stable across the curve.
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