French insurance and banking group Groupama SA said it had struck a final deal to sell its investment arm Groupama Private Equity to domestic private equity firm ACG Group for an undisclosed sum.
The transaction has yet to receive regulatory green light, which is seen to occur by the end of the first quarter of this year, Groupama said.
The deal is in line with Groupama’s strategy to shed non-core assets, it said. Groupama Private Equity and ACG will combine complementary competences, the vendor added.
Through the acquisition, ACG will take control of Groupama Private Equity’s funds of funds operation Quartilium and sponsored and sponsorless mezzanine business ActoMezz, which account for EUR1.4bn (USD1.8bn) and EUR200m of managed assets, respectively.
The combination will create a company with some EUR3.5bn of assets under management, ACG’s chairman, Wladimir Mollof, noted.