Julius BärGruppe AG said April 4 that it completed the previouslyannounced deal toacquire an additional 60.1% stake in Italian firm Kairos Investment ManagementSpA for €276 million, subject to closing adjustments.
The transaction was completed April 1 and brings the group'stotal ownership of the Milan-based company to 80%.
As previously announced, Julius Bär will pursue a listing ofKairos on the Italian market by offering a minority stake of Kairos' sharecapital, subject to regulatory approval.
While Kairos will become a member of Julius Bär Gruppe, itwill continue to operate under the Kairos name and its executive managementwill remain unchanged. Kairos' partners will also retain a stake in the companyafter the listing.
Kairos reported 2015 pretax profit of €55.9 million, up from€39.7 million a year earlier, and realized a gross margin of more than 140basis points. Its AUM totaled more than €8 billion at the end of December 2015,up from about €4 billion when Julius Bär and Kairos started their strategicpartnership in 2013.