• Catella signs agreement to acquire 60% of Aquila Group
• Acquisition boosts AUM base by 11%
• Expect EBIT to shareholders to increase by ~4% for 2024-25e

Catella acquires 60% of Aquila Group

Catella has announced that they have signed an agreement to acquire 60% of the shares in Aquila Asset Management SAS (Aquila Group) for EUR 9.6m (SEK ~111m). Aquila Group is a French company, consisting of both Aquila Asset Management, founded in 2010, and the real estate investment fund management company Axipit Real Estate Partners, founded in 2021. The company offers solutions to both professional and retail investors. The acquisition adds EUR 1.4bn (SEK ~16.2bn) in AuM and the acquisition is financed by Catella’s own capital. The shares are acquired from local management who will remain minority shareholders. The sellers can be entitled to an additional EUR 1m (SEK ~11.6m) if specific criterias are met. The transaction is subject to regulatory approval, and expected to close during H2’23.

Acquisition boosts AUM base by 11%

Given the divestment of its French subsidiary Catella Asset Management SAS in 2021, we are not surprised that Catella has strengthened their geographical footprint once again in France, given that management earlier has highlighted the country as an attractive market, and that they are open for M&A opportunities. The AUM base in Catella stood at SEK 141bn in Q1’23. Following the transaction, the AUM base is boosted by 11%, and we forecast that this acquisition would raise EBIT to Catella shareholders with ~4% for 2024-2025e. The full price to AUM of 1.3% in the Aquila transaction looks relatively more attractive than both the APAM (1.7%) and Warsaw Property Partners (3.1%) transactions, which is positive.