Amundi to Acquire Sabadell Asset Management for €430 Million
January 22, 2020
Cleary Gottlieb is representing Amundi, which announced on January 22, 2020, that it has entered into a binding agreement with Banco de Sabadell (Banco Sabadell) for the acquisition of 100% of Sabadell Asset Management.
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) and will be financed via Amundi’s existing cash resources.
As part of the transaction, Amundi and Banco Sabadell have entered into a 10-year strategic partnership for the distribution of Amundi products across the Banco Sabadell’s networks in Spain.
Amundi will benefit from Banco Sabadell’s regional presence, through its 1,900 branches, which will become a partner network in Spain. The transaction will allow Amundi to consolidate its European leadership position and to deploy its unique business model aimed at serving retail networks. Banco Sabadell’s retail clients will benefit from Amundi’s wide range of recognized savings and investments products, and a comprehensive set of tools.
This transaction is subject to usual regulatory approvals and is expected to close in the third quarter of 2020.
Sabadell Asset Management is a leading asset manager in Spain, with €21.8 billion of assets under management, of which €16.1 billion is in Spanish-domiciled funds