AMP-Dexus deal sees further delays
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.
AUTHOR
Rhea Nath
Recommended for you
Ausbil has launched its first active ETF in response to adviser demand for a dual-access product offering regular monthly income.
ETF providers are considering the phase-out of bank hybrids in their product development plans with billions of fixed income assets set to seek a new home in the coming years.
Platinum Asset Management has reported its second-highest monthly outflows for 2025 with more expected later this year, thanks to a major client redemption.
Global investment manager BlackRock has signed an agreement to manage $121 billion for Citi Wealth clients in almost 100 countries, the latest development in its wealth management plans.
