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Azimut Holding SpA and Athenaeum Ltd Sign Joint Venture Agreement in Singapore


Wednesday, 2 Oct 2013 09:38am EDT 

Azimut Holding SpA announced that together with Athenaeum Ltd, a Singapore independent asset management company, it has signed on October 2, 2013 an investment and shareholders agreement to start a partnership in the local market. Athenaeum, as at August 31, 2013, manages USD 31mn AuM (equivalent to almost EUR 23mn). Subject to the regulatory approval by the competent authorities, Azimut, through AZ International Holdings S.A., will purchase 55% of Athenaeum’s corporate capital through a capital increase for a counter value of around EUR 1.5 million, which will be employed to finance the business plan. The agreements also contain a price adjustment mechanism linked to AuM growth in the next two years and call/put option rights. Athenaeum management team will continue to grow the business in Asia over the medium‐long term together with Azimut. 

Company Quote

22.28
0.33 +1.50%
6:07am EDT