British asset manager Impax Asset Management Group has finalised the acquisition of US-based Pax World Management.
The deal was first announced in September 2017 when Impax agreed to acquire the remaining 16.7% of the New Hampshire-based business that was not with the company.
Go deeper with GlobalData
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
Impax acquired the stake from the members of the Pax management team for a total consideration of $3m, to be paid in a combination of cash and shares.
Impax CEO Ian Simm said: “Since our acquisition of Pax World Management three years ago, the combined team has successfully integrated the two businesses and delivered significant growth.
“Impax’s business in North America is well placed for further expansion as clients seek to increase their exposure to the transition to a more sustainable economy.”
Along with the acquisition, Impax has also issued and allotted 181,467 ordinary shares of 1 pence each in the company to the members of the Impax Asset Management management team who elected to receive ordinary shares as consideration.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataLater this month, the company will make contingent consideration payments of $270,000 to the previous shareholders and management.
Based in London, Impax offers actively managed global public equity and private equity strategies. The investments consider that the factors of population dynamics, resource scarcity, inadequate infrastructure and environmental constraints will shape global markets, creating investment risks and opportunities.
