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Macquarie unit to buy Luxembourg-based asset manager

Macquarie Group Ltd.'s Macquarie Investment Management will acquire Luxembourg-based ValueInvest Asset Management SA.

Terms of the deal were not disclosed. ValueInvest had about €4 billion in assets under management as of Dec. 31, 2017.

Its 17-person team will continue to be led by CEO Jesper Alsing and Chief Investment Officer Jens Hansen, joining Macquarie's multiboutique equity structure.

Among the selling shareholders are a number of Danish banks, including Spar Nord Bank A/S, which said it would sell its more than 20% stake in Valueinvest for approximately 150 million Danish kroner. In light of the sale, Spar Nord raised its 2018 core earnings before impairment forecast to 1.2 billion kroner from 1.1 billion kroner and its net profit target to about 900 million kroner.

Sydbank A/S said the sale of its stake would generate extraordinary income of 110 million kroner, and it boosted its after-tax profit guidance for 2018 to between 1.3 billion kroner and 1.5 billion kroner.

Fynske Bank A/S, Lollands Bank A/S, Nordfyns Bank A/S and Skjern Bank A/S also said they would sell their stakes in ValueInvest.

The deal is expected to close in mid-2018 and is subject to approval by supervisory authorities in Luxembourg, Spar Nord noted.

As of March 9, US$1 was equivalent to 6.05 Danish kroner.