Global law firm Freshfields Bruckhaus Deringer (‘Freshfields’) is advising BNP Paribas Group on its exclusive negotiations with AXA for the acquisition of AXA Investment Managers representing close to €850bn assets under management, together with an agreement for a long-term partnership to manage a large part of AXA’s assets.

With the combined contribution of BNP Paribas’ asset management platforms, the newly formed business, which total assets under management would amount to €1,500bn, would become a leading European player in the sector and in the management of long-term savings assets for insurers as well as pension funds, with €850bn of assets, leveraging powerful platforms of public and private assets.

The signing of the proposed transaction, expected by the end of the year, is subject to the information process and consultation of the employees’ representative bodies. The closing of the transaction is expected by mid-2025 once regulatory approvals have been obtained. The agreed price for the acquisition and the set-up of the partnership is of €5.1bn at closing.

Freshfields advised BNP Paribas, in particular alongside the inhouse M&A/Private Equity Legal team, comprising Louis-Philippe Vasconcelos (Head of M&A/Private Equity Legal) and Laure Khemiri (Senior Legal Counsel).