Australian wealth manager AMP has agreed to divest AMP Capital’s international infrastructure equity business to US-based DigitalBridge Group.

The total consideration for the deal is up to $497.83m (A$699m), including an upfront payment of A$462m, an additional estimated A$57m performance fees payment, and up to A$180m subject to future fundraising.

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The transaction is expected to conclude in the fourth quarter of the year.

Under the agreement, DigitalBridge will acquire AMP’s international infrastructure equity assets under management (AUM) of A$9bn and its management platform.

The transaction also includes the firm’s seed and sponsor investments in international infrastructure equity funds as well as a major portion of its teams based in the UK and Europe, North America and Asia.

This deal comes a day after AMP agreed to sell AMP Capital’s real estate and domestic infrastructure equity business to Australian real estate and asset management group Dexus for up to A$550m.

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AMP said it would no longer pursue its plan to demerge Collimate Capital from the group, subject to the completion of the deals.

AMP CEO Alexis George said: “Post completion of the two sales, AMP will be a more focused entity, concentrated on driving our core banking and retail wealth businesses in Australia and New Zealand, with a core objective of accelerating our strategy and increasing our competitiveness.”

AMP said that it plans to return the majority of net cash proceeds from the recent transactions to shareholders, subject to requisite regulatory and shareholder approvals.

The firm also intends to use some of the proceeds to pay down corporate debt.

Last March, Canadian investment manager Fiera Capital took over AMP Capital’s global equities business of its asset management unit.