European investment bank Alantra Partners SA is buying a 49% stake in pan-European private asset manager Access Capital Partners.
Under the terms of the transaction, Alantra will first acquire a 24.5% interest for a cash consideration of €19 million. The deal is subject to regulatory approval of local authorities and is set to close during the first quarter of 2019. Access' existing executive partners will remain in control of Access.
In 2022, Alantra and OP Financial Group will be each be granted a call option and put option, respectively, for OP's remaining stake. Alantra will be paid a dividend in 2019 for its share of the economic benefit of the business for the whole of 2018.
Alantra, which will become the only strategic shareholder of Access over time, said the deal will augment its current direct investment offerings by the addition of fund-of-funds, coinvestment and secondaries strategies.