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Altus strikes deal to take over GE's Polish investment fund manager

Altus Agent Transferowy, a unit of Polish fund manager Altus Towarzystwo Funduszy Inwestycyjnych SA, agreed to acquire asset manager BPH TFI SA from BPH PBK Zarzadzanie Funduszami.

The purchasing price amounts to 20 million Polish zlotys, subject to adjustments reflecting any changes in the book value less the value of intangible assets of BPH TFI between Dec. 31, 2016, and the date of transfer of the ownership title to the shares.

The transaction is pending the approval by the Polish Financial Supervision Authority and the Office of Competition and Consumer Protection. Altus said April 5 the acquisition is in line with its strategy aimed at consolidating investment fund management companies on the Polish market.

Altus was already interested in purchasing BPH TFI in 2014 and in 2016, but the parties failed to reach an agreement at the time. BPH TFI is controlled by General Electric Company. GE sold the core business of its Polish unit Bank BPH in 2016 to Alior Bank SA, but the investment fund manager and mortgage loans issued by Bank BPH were not part of the deal.

As of April 5, US$1 was equivalent to 3.97 Polish zlotys.