The French banking giant aims to acquire the investment arm from insurance powerhouse AXA. The transaction is expected to be finalized by the summer of 2025, creating a new heavyweight in the market.
The AXA Group has entered into exclusive negotiations with BNP Paribas for the sale of AXA Investment Managers, as announced by both companies on Thursday evening. This merger would establish one of the largest asset managers in Europe, with assets under management exceeding 1.5 trillion euros ($1.6 trillion).
Size Matters
«This agreement aims to unite our two companies to create a market-leading asset management firm in a consolidating industry where size is crucial to pursue for pursuing sustainable growth while providing the highest standards to our clients,» said Marco Morelli, Executive Chairman of AXA Investment Managers.
Creating a Differentiated Offering
By combining AXA IM's leadership in alternative investments, expertise in insurance portfolio management, and commitment to sustainability with BNP Paribas's complementary investment capabilities, extensive distribution network, and leading position in sustainable investments, the goal is to create a significantly differentiated offering in the global investment management industry.
The purchase price is set at 5.1 billion euros, with completion expected by summer 2025.
AXA Shows Growth and Announces Acquisition
The French insurer also presented its financial results for the first six months of the year on Thursday evening. Gross revenues reached 59.9 billion euros, representing a 7 percent increase over the previous year’s results. The operating result stands at 4.2 billion Euro, up 4 percent.
Additionally, AXA announced the acquisition of Nobis, an insurance company focused on the retail market in Italy.
