Amundi announces that it has entered into exclusive negotiations with Société Générale for the acquisition of Lyxor(1) for a total cash consideration of €825m, or €755m excluding excess capital(2).
Thanks to this acquisition, Amundi would become the European leader in ETF, with €142bn combined AuM, a 14% market share in Europe(3) and a diversified profile in terms of client base and geography.
Amundi would benefit from strong levers to accelerate its development on the fast-growing ETF segment, while complementing its offering in active management, in particular in liquid alternative assets and advisory solutions.
This acquisition is fully in line with the Crédit Agricole group’s strategy, which aims at reinforcing its position in the asset gathering businesses.
The transaction is expected to be completed by February 2022 at the latest, after consultation of the Works Councils, and subject to receiving the required regulatory and anti-trust approvals.
Founded in 1998, Lyxor is a pioneer in ETF in Europe and has a total €124bn(4) in Assets under Management (AuM). Lyxor is one of the key players in the ETF market (€77bn of AuM(5), 3rd largest player in Europe with a 7.4% market share(6) and has developed a recognized expertise in active management (€47bn of AuM), notably through its leading alternative platform(7).
- Certain activities from Lyxor are excluded from the scope of the transaction and retained by Société Générale: (i) structured asset management solutions intended for Société Générale’s global markets clients and (ii) asset management activities dedicated to savings solutions and carried out for Société Générale (Branch networks and Private Banking) such as structuring of saving solutions, funds selection and the supervision of the Société Générale Group’s asset management companies
- Excess capital of €70m compared to asset management capital requirements applicable to Lyxor
- 6.2% for Amundi standalone
- As of end December 2020, for the considered transaction perimeter
- As of end December 2020
- Source : Amundi, Lyxor, ETFGI, as of December 2020
- Liquid alternative assets investment platforms (notably UCITS funds) for private banks and asset managers