GCS Capital buys Dexia Asset Management

The transaction value was previously estimated at €500m, which has now been reduced to €380m according to reports. In June 2012, Dexia put the unit up for sale, hoping to yield as much as €750m from the divestment.

Chinese firm Hony Capital and GCS were the last two remaining bidders for the bank's asset management unit. GCS entered exclusive negotiations with Dexia on 4 December.

As part of the transaction, GCS entered into a strategic partnership with Industrial and Commercial Bank of China (ICBC), which will make the newly acquired Dexia unit its preferred asset management partner. DAM's products and services will also be available through the ICBC's branch network.

The deal remains subject to regulatory approval, contingent upon the fulfilment of certain conditions.

Company
DAM is the asset management division of Franco-Belgian banking group Dexia, which received two joint bailouts from the French and Belgian government since the beginning of the financial crisis. The company counts €80bn assets under management and employs 550 people globally.

Following the deal, DAM will open new offices in Hong Kong and Doha.

People
CEO Huan Guocangh led the deal on behalf of GCS

Advisers
Equity – HSBC (Financial due diligence).

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