$2 Trillion Asset Manager Amundi to Buy $147 Billion ETF Pioneer Lyxor for $978 Million
8th April 2021 | Hong Kong
Amundi, European’s largest asset manager with than $2 trillion AUM (€1.7 trillion), has entered into exclusive negotiations with French bank Societe Generale to buy European ETF pioneer Lyxor with $147 billion AUM (€124 billion) for $978 million (€825 million). The $978 million acquisition price represents 0.66% of Lyxor $147 billion AUM.
” $2 trillion asset manager Amundi to acquire European ETF pioneer Lyxor with $147 billion AUM “
With the acquisition, Amundi would become the European leader in ETF with $168 billion (€142 billion) AUM and a 14% market share in Europe.
AUM ~ Assets under Management
ETF ~ Exchange Traded Funds
Lyxor, European Pioneer in ETF
Lyxor was founded in 1998 and is a pioneer in ETF in Europe. It is the 3rd largest player in Europe with 7.4% market share.
Today, Lyxor manages more than $147 billion AUM (€124 billion) with $91.3 billion in ETF (€77 billion) and $55.7 billion in active fund management (€47 billion).
Value of Lyxor Acquisition for Amundi
The transaction represents an enterprise value of P/E 2021 earnings multiple of 10x, +7% accretive on Amundi’s EPS 2021 earnings and Return on Investment (ROI) of more than 10% in year 3 after completion.
- Enterprise value representing a P/E 2021e multiple of 10x
- +7% accretive on Amundi’s EPS 2021e
- Return on Investment > 10% in year 3 after completion
The transaction is expected to be completed by February 2022, subject to regulatory and anti-trust approvals.
Amundi is part of Credit Agricole Group, which is the largest bank in France.
EURUSD ~ 1.19 (1 EUR = $1.19)
Chief Executive Officer of Amundi, Yves Perrier:
“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 recognized teams of people. This acquisition is fully in line with the Crédit Agricole group’s reinforcement strategy in the asset gathering business. It will also further reinforce the business relationships with our historical partner Société Générale.
Finally, by creating in France the European leader in passive asset management, it will contribute to the post-Brexit positioning of the Paris financial centre.”
Deputy Chief Executive Officer of Amundi, Valérie Baudson:
“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.”
Amundi, the leading European asset manager, ranking among the top 10 global players, offers its 100 million clients – retail investors, institutional investors and companies – a complete range of savings and investment solutions in active and passive management, in traditional or real assets.
With its six international investment hubs, financial and extra-financial research capabilities and long-standing commitment to responsible investment, Amundi is a key player in the asset management landscape.
Amundi clients benefit from the expertise and advice of 4,700 employees in nearly 35 countries. A subsidiary of the Crédit Agricole group and listed on the stock exchange, Amundi currently manages over €1.7 trillion in assets.