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BNP Paribas buys AXA IM for €5.1bn to create €1.3tn giant

Source: ft.com

BNP Paribas has bought AXA Investment Managers for €5.1 billion in cash from AXA.
The deal creates a €1.3 trillion asset management giant, making it Europe's second-largest.
AXA will use proceeds to boost shareholder returns and cut debt.

BNP Paribas is acquiring AXA Investment Managers in a €5.1 billion all-cash deal, announced on Monday. This move combines BNP's asset management arm with AXA IM to form a powerhouse managing €1.3 trillion. It matters because it reshapes Europe's asset management landscape amid industry consolidation and investor demand for scale.