AMP-Dexus deal sees further delays

amp Dexus China collimate capital

2 March 2023
| By Rhea Nath |
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Dexus Funds Management’s acquisition of AMP Capital’s real estate and domestic infrastructure business has been pushed to at least mid-March as AMP continued to work towards securing outstanding regulatory approval from China. 

Per statements to the Australian Securities Exchange (ASX), the firms have agreed to extend the date of satisfaction or waiver of conditions precedent for the transaction to 20 March.

The due date had previously been extended from 27 January to 28 February.

In the ASX update, the firms confirmed they were in the process of finalising binding documentation for an alternative transaction structure under a two-stage completion process.

This would allow first completion of the transaction without satisfaction of the condition precedent relating to the transfer of AMP’s ownership interest in China Life AMP Asset Management (CLAMP) to Dexus under the transaction.

“Under the alternative transaction structure, the staff and effective day to day management of the majority of the platform would transfer to Dexus at first completion,” Dexus explained.

“First completion is expected to occur on or before 20 March 2023. Final completion will remain dependent on the ownership of CLAMP being transferred out of the relevant entities that Dexus has agreed to purchase.”

As announced on 9 January, the purchase price would remain at $225 million, the firms noted.

Last month, AMP completed the sale and transfer of its international infrastructure equity business to DigitalBridge for a total value of $582 million.
 

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