Amundi announces that it has entered into exclusive negotiations with Société Générale for the acquisition of Lyxor for a total cash consideration of €825m, or €755m excluding excess capital.
Founded in 1998, Lyxor is a pioneer in ETF in Europe and has €124bn in Assets under Management (AuM). Lyxor is one of the key players in the ETF market (€77bn of AuM, 3rd largest player in Europe with a 7.4% market share) and has developed a recognized expertise in active management (€47bn of AuM), notably through its leading alternative platform.
Thanks to this acquisition, Amundi would become the European leader in ETF, with €142bn combined AuM, a 14% market share in Europe 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 as well as advisory solutions.
Given the high synergy potential, this transaction compliant with Amundi’s financial discipline would be significantly value accretive, with:
- an enterprise value representing a P/E 2021e multiple of ~10x, including run-rate cost synergies only
- ~+7% accretive on Amundi’s EPS 2021e, including run-rate cost synergies only
- return on Investment > 10% in year 3 after completion including run-rate cost synergies only
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.
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