Dexia Announced Sale of Dexia Asset Management
OREANDA-NEWS. December 27, 2012. Following their entry into exclusive negotiations on 4 December last, today Dexia is announcing the signature of a share purchase agreement with GCS Capital1 for the sale of Dexia Asset Management, for an amount of EUR 380 million. This sale price will be subject to an adjustment at closing, usual for this type of transaction.
The scope of the disposal includes the full perimeter of Dexia Asset Management. It falls within the context of the plan for the orderly resolution of the Dexia Group undertaken in October 2011, and is one of its last significant stages.
Finalisation of this transaction, which remains subject to the approval of the regulatory authorities and the European Commission, could take place in the first quarter 2013. This transaction will not have any significant impact on the group’s consolidated results and will not change significantly its solvency ratios. Dexia will release the detailed impacts on its financial situation and its regulatory ratios when the transaction is closed.
Karel De Boeck, CEO of the Dexia Group, stated, “We actively continue to implement the Dexia Group orderly resolution plan announced in October 2011. This disposal gives Dexia Asset Management an opportunity to continue its commercial development and to expand its current platform into new growth areas.”
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