State Street Corp.

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Earnings Announcements, Mergers / Acquisitions

Amundi: buying Lyxor will make Amundi the European leader in exchange traded funds (ETFs)

Published: 04/07/2021 05:23 GMT
State Street Corp. (STT) - Reg-amundi: Amundi Enters Into Exclusive Negotiations for the Acquisition of Lyxor.
Reg-amundi: Amundi Enters Into Exclusive Negotiations for the Acquisition of Lyxor.
Total Cash Consideration of EUR 825m, Or EUR 755m Excluding Excess Capital.
Exclusive Negotiations With SociÉtÉ GÉnÉrale for Acquisition of Lyxor for a Total Cash Consideration of EUR 825m, Or EUR 755m Excluding Excess Capital.
Founded in 1998, Lyxor is a Pioneer in Etf in Europe and Has EUR 124bn(3) in Assets Under Management.
Amundi Would Benefit From Strong Levers to Accelerate Its Development on Fast-growing Etf Segment.
Return on Investment > 10% in Year 3 After Completion Including Run-rate Cost Synergies Only.
Thanks to This Acquisition, Amundi Would Become European Leader in Etf, With EUR 142bn Combined Aum, a 14% Market Share in Europe.
This Lyxor Transaction Compliant With Amundi's Financial Discipline Would Be Significantly Value Accretive.
Lyxor Deal Would Have an Enterprise Value Representing a P/e 2021e Multiple of 10x, Including Run-rate Cost Synergies Only.
Lyxor Deal Would Be Some+7% Accretive on Amundi's EPS 2021e, Including Run-rate Cost Synergies Only.
Lyxor Acquisition is Fully in Line With CrÉdit Agricole Group's Strategy Which Aims at Reinforcing Its Position in Asset Gathering Businesses.
Lyxor Transaction is Expected to Be Completed by February 2022 at Latest.
Lyxor Deal Will Also Further Reinforce Business Relationships With Our Historical Partner SociÉtÉ GÉnÉrale.
Revenue is expected to be $2.91 Billion
Adjusted EPS is expected to be $1.74

Next Quarter Revenue Guidance is expected to be $2.89 Billion
Next Quarter EPS Guidance is expected to be $1.86

More details on our Analysts Page.