Trea Asset Management has acquired the Spanish asset management division of Novo Banco for approximately 16 million euros, enhancing its portfolio to over 5 billion euros in assets under management.
Information on the Target
Trea Asset Management, an independent asset manager affiliated with the Mediolanum Group, has successfully acquired the asset management division of Novo Banco in Spain. This acquisition follows several months of negotiations and has received the necessary approvals from supervisory authorities. The deal had previously been put on hold in July due to the sale of the Portuguese bank's subsidiary in Spain.
The acquisition encompasses all assets managed by Novo Banco in Spain, which include investment funds, pension plans, and Sicavs, with a total estimated value of around 600 million euros. Through this transaction, Trea AM surpasses 5 billion euros in assets under management, marking a significant milestone for the firm that had previously seen a decline in assets due to the pandemic.
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Industry Overview in Spain
The asset management industry in Spain has shown resilience and adaptability in recent years. Despite initial challenges presented by the financial crisis and the impact of the COVID-19 pandemic, the sector h
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Trea Asset Management
invested in
Gestora de Novo Banco
in 2023
in a Other Private Equity deal
Disclosed details
Transaction Size: $17M
Enterprise Value: $600M