Amundi announced this morning that it has entered into exlcusive negotiations with Société Générale for the acquisition of Lyxor for a total cash consideration of €825m (€755m excluding excess capital).
The price is above the €600m previously mentioned but is still reasonable given the synergies Amundi plans to implement. The operation will be earnings accretive considering the run-rate cost synergies (7%). More importantly, Amundi’s ETF franchise will be second in Europe. We view this deal as ....
07 Apr 2021
The expected end of the story
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The expected end of the story
- Published:
07 Apr 2021 -
Author:
Farhad Moshiri -
Pages:
3
Amundi announced this morning that it has entered into exlcusive negotiations with Société Générale for the acquisition of Lyxor for a total cash consideration of €825m (€755m excluding excess capital).
The price is above the €600m previously mentioned but is still reasonable given the synergies Amundi plans to implement. The operation will be earnings accretive considering the run-rate cost synergies (7%). More importantly, Amundi’s ETF franchise will be second in Europe. We view this deal as ....