M and A
Groups Buy MM Warburg & Co's Luxembourg Business
The transaction boosts Apex's AuA by $50 billion.
A group of financial services and investment houses have bought
MM Warburg & Co's asset management and servicing businesses in
Luxembourg.
The deal means that Apex Group Ltd, a
portfolio company of Genstar Capital,
which over almost $350 billion of assets under administration,
Apex said in a statement yesterday. The deal adds about $50
billion to Apex's AuA.
The transaction is the third for Apex in the space of six months
following the acquisition of Equinoxe Alternative Investment
Services and Deutsche Bank’s Alternative Fund Services business
in 2017.
Apex and Genstar partnered with SALU Capital, led by
managing partner Markus Philipp Ehrhardt.
The deal means Apex is bringing in depositary services and
private equity depositary solutions provided by the Warburg
Luxembourg units.
Parent company, M M Warburg &
Co and Apex will form a strategic partnership for
Luxembourg based asset management services businesses whilst
Warburg Invest (Germany) will also continue to focus on its
German asset management business.
Terms of the agreement are not being disclosed. The transaction
is subject to customary closing conditions, including regulatory
approval and is expected to be completed in the second quarter of
2018. Willkie Farr & Gallagher LLP and Arendt & Medernach
provided legal counsel to Apex and Genstar.
