By Pierre Bertrand
Credit Agricole subsidiary Indosuez Wealth Management has announced its acquisition of an initial controlling stake in Belgium’s Banque Degroof Petercam for approximately 923 million euros ($1.01 billion). The deal, which was confirmed on Friday, marks an important step for both companies.
In a statement, Indosuez revealed that it has reached an agreement with several shareholders of the private bank, including the Peterbroeck, Van Campenhout, Philippson, Siaens, Schockert, and Haegelsteen families. Under the terms of the agreement, Indosuez will acquire a 59.54% stake in Banque Degroof Petercam at a base price of EUR148.03 per share.
It is important to note that the price per share may be subject to certain adjustments. The transaction is expected to be completed by the end of 2024, according to Indosuez.
Following the acquisition, Indosuez will have the option to launch a public tender offer for the remaining 40.46% of Degroof Petercam’s 10.5 million shares.
At the agreed-upon price of EUR148.03 per share, Indosuez will effectively acquire Banque Degroof Petercam for a total value of EUR1.55 billion.
This acquisition represents a strategic move for Indosuez Wealth Management as it seeks to expand its presence in the Belgian market and strengthen its position in the private banking sector.