Big European ETF Industry Deal

April 07, 2021

[Editor’s note: This article originally appeared on ETF Stream]

 

LONDONAmundi has agreed to buy French rival Lyxor from Société Générale in a cash deal worth around €825m ($974m).

 

Europe’s largest asset manager announced this morning it has entered into exclusive negotiations with SocGen about the acquisition of Lyxor, the third-largest ETF issuer on the European market with €77bn assets under management (AUM).

The acquisition would lead to a combined ETF business with €142bn AUM ($168b), the second largest in Europe behind BlackRock and ahead of DWS which currently sits in second spot.

Last month, it was reported Amundi and State Street were the final two players left in "advanced talks" with SocGen about a potential acquisition, however, the US giant has now fallen out of the race.

Yves Perrier(the outgoing CEO of Amundi, said Lyxor’s ETF assets was a key factor behind the acquisition.

“The acquisition of Lyxor will accelerate the development of Amundi, as it will reinforce our expertise, namely in ETF and alternative asset management, and allows us to welcome highly recognised teams of people.

“By creating in France, the European leader in passive asset management, it will contribute to the post-Brexit positioning of the Paris financial centre.”

Lyxor sale would shape European ETF industry over next decade

Valérie Baudson, deputy CEO of Amundi, added: “We are glad and are looking forward to welcoming the talented teams of Lyxor. The combinations of our strengths will allow us to accelerate our development in the ETF, alternative asset management and the investments solutions segments.”

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