Italian asset management firm Anima has agreed to buy local asset manager Aletti Gestielle from Italian Banco BPM.
Anima will pay €700m in cash as deal consideration, and an additional amount of around €250m depending on the asset management arm’s excess earnings at closing.
In addition, Banco BPM plans to move delegated portfolio management activities in the insurance business from Banca Alleti to Anima.
Anima plans to raise €300m in a share sale to finance the transaction.
The deal, which already secured the nod from the boards of directors of the two companies, also involves a 20-year alliance between the Italian bank and Anima and result in Banco BPM acquiring a significant stake in Anima.
“The deal will fully appreciate the potential of the Banco BPM commercial network, exploiting the best expertise and resources of Aletti SGR and Anima SGR, while at the same time avoiding overlapping and maximising synergies,” the companies said in a joint statement.
The transaction is expected to be completed by the end of 2017, subject to regulatory approvals.
“With the Aletti SGR deal, the ANIMA Group confirms its role as aggregating pole for the asset management industry in Italy, with a unique competitive position and significant growth and value creation perspectives. As of 30 June 2017, the ANIMA Group had over €75 billion AuM; at the same date, Aletti SGR AuM exceeded €18 billion,” the companies stated.