Europe - BNP Paribas to buy AXA IM
BNP Paribas has entered negotiations to buy AXA Investment Managers for €5.4bn, a 15 times multiple of 2023 earnings. The combined AXA IM and BNP Paribas will create an asset manager with €1.5trn of assets under management. AXA and BNP Paribas will also enter a 15-year strategic partnership with the latter providing investment management services to AXA. AXA will receive €300m from the sale of retail investment management company Select, formerly named Architas, which is active in France, Belgium, Hong Kong and Indonesia. AXA is selling the Paris-headquartered asset management business to simplify its business model and focus on its core insurance activities, it said, with its AXA Life & Savings business “well-positioned to grow”. The business will use €3.8bn of the proceeds to fund a share buyback with the rest to be spent on growth. Deal close is expected in mid-2025.
