Cleary Gottlieb represented Amundi in the completion of its €430 million acquisition of Sabadell Asset Management from Banco Sabadell.
Amundi announced on June 30, 2020 that, following the announcement it made on January 21, 2020, it has received all necessary regulatory approvals and has finalized the acquisition of 100% of Sabadell Asset Management, a leading asset manager in Spain, with €21 billion of assets under management as at the end of May 2020. The value of the transaction is €430 million (plus an earn-out of up to €30 million, payable in 2024, based on future performance of the business).
As part of the transaction, Amundi and Banco Sabadell entered into a 10-year strategic partnership for the distribution of Amundi products across the Banco Sabadell’s networks in Spain.
This transaction and the partnership with Banco Sabadell will allow Amundi to significantly reinforce its position in Spain, a major market in Europe for retail savings, and to consolidate its European leadership while deploying its unique business model aimed at serving retail networks.