Finance
BNP Paribas Signs €5.1 Billion Deal to Buy Axa’s Asset Manager
A BNP Paribas SA bank branch in Paris.
Photographer: Nathan Laine/BloombergThis article is for subscribers only.
BNP Paribas SA finalized the €5.1 billion ($5.3 billion) purchase of Axa SA’s asset management unit, in the biggest acquisition under Chief Executive Officer Jean-Laurent Bonnafe.
Both sides had agreed on the price and outlines of the deal when they announced in August that they had entered into exclusive negotiations. The transaction is expected to close by the middle of next year, and have an impact of 25 basis points on BNP Paribas’ CET1 ratio, the French lender said in a statement Saturday, confirming its previous guidance.