AXA announced today that it has entered into an exclusive negotiation to sell its asset manager AXA Investment Managers (“AXA IM”) to BNP Paribas for cash proceeds* of Euro 5.1 billion. In addition, AXA would receive Euro 0.3 billion consideration from the sale of Select*** to AXA IM prior to the closing of the proposed transaction. The total estimated transaction value is expected to be Euro 5.4 billion, representing a multiple of 15x 2023 earnings. Under the terms of the proposed transaction, AXA and BNP Paribas would also enter into a long-term strategic partnership under which BNP Paribas would provide investment management services to AXA. The combination of AXA Investment Managers and BNP Paribas would create a leading European asset manager, with total assets under management of Euro 1.5 trillion****.
The intention to exit the Asset Management business further emphasizes the Group’s strategy to simplify its business model and to focus on its core insurance activities. In particular, AXA’s Life & Savings business is well-positioned to grow, driven by the Group’s strong distribution and product design capabilities, and our customers will benefit from a broader array of asset classes, including continued access to a best-in-class Alternatives asset management platform. AXA retains full authority over product design, asset allocation and asset-liability management decisions.
By joining forces with BNP Paribas, AXA IM would become a global asset manager with a wider product offering and a mutual objective to further their leading position in responsible investing. This long-term partnership would provide AXA and its customers with continued access to a wide range of best-in-class investment solutions that would further strengthen our strategic ambitions in Life & Savings. I would like to thank all AXA IM employees for their unwavering commitment, and their continued focus on delivering value for our clients.”
THOMAS BUBERL ,CHIEF EXECUTIVE OFFICER OF AXA
“I would like to extend a warm welcome to AXA IM teams who would join BNP Paribas as part of the completion of the project. In line with the model developed by AXA IM, BNP Paribas will remain deeply committed to deploying this new enlarged long-term savings management platform to serve insurers, pension funds as well as bank and distribution networks.”
JEAN-LAURENT BONNAFÉ ,DIRECTOR AND CEO, BNP PARIBAS
The completion of the transaction is subject to customary closing conditions, including the information and consultation of employee representative bodies, followed by the signing of the Share Purchase Agreement and the receipt of regulatory approvals, and is expected to be finalized by the second quarter of 2025.
