Singapore's Keppel Corp unit to buy Aermont Capital for $1 bln

Credit: REUTERS/Edgar Su

Adds details on acquisition in paragraphs 2-5

Nov 29 (Reuters) - Singapore's Keppel Corporation KPLM.SI on Wednesday said its unit Keppel Capital Holdings will acquire all issued voting shares in European asset manager Aermont Capital in two tranches, for a maximum sum of S$1.35 billion ($1.01 billion).

Keppel Capital will buy 50% stake in Aermont for a maximum amount of 356.9 million euros ($391.6 million) in the first half of 2024, and the remaining stake for 575 million euros in the first half of 2028, Keppel said.

"The acquisition will enable the Group to expand its asset management capabilities beyond Asia Pacific to Europe," the company said, adding that it will also strengthen its value proposition to global limited partners.

The deal will add an initial S$24 billion to Keppel's funds under management of about S$53 billion, marking a significant progress towards its target of S$100 billion in 2026.

The company will finance the acquisition from various sources including unutilised banking facilities and internal cash resources, an issue and/or transfer of shares.

($1 = 1.3316 Singapore dollars)

($1 = 0.9115 euros)

(Reporting by Upasana Singh in Bengaluru; Editing by Varun H K)


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


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