Eurazeo SA agreed to acquire IDI's entire holding of 51% in IDInvest Partners SA, translating into an enterprise value of €310 million for the latter.
Eurazeo's total stake in IDInvest Partners will amount to 70% and its total investment to €230 million. IDInvest Partners' management will continue to own the remaining 30% of the firm but have agreed to gradually off-load their stake to Eurazeo in the coming years.
The acquisition, which will form a private equity company with more than €15 billion under management, is subject to regulatory and other approvals. The new entity will serve the growth needs of clients in Europe and North America.
The companies began exclusive talks in December 2017.
IDInvest's management team will remain unchanged and have full autonomy. Eurazeo, which manages about €8 billion of assets, will invest in funds managed by IDInvest teams.
IDInvest, which was part of Allianz Group until 2010, manages nearly €7 billion for insurance companies and institutional investors, as well as on behalf of 80,000 private individuals.
