BNP Paribas commenced exclusive discussions with AXA for the deal in August. Credit: OleksSH/Shutterstock.

BNP Paribas Cardif, part of French banking group BNP Paribas, has entered a share purchase agreement to acquire AXA’s asset management unit, AXA Investment Managers (AXA IM), in a deal worth €5.1bn ($6.40bn).

This follows consultations with employee representatives from both AXA and BNP Paribas groups.  

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AXA IM has close to €850bn ($930bn) in assets under management.

This deal is anticipated to close by the end of the second quarter of 2025, contingent on standard closing conditions, including regulatory approvals.

The merger of AXA IM with BNP Paribas is set to create a ‘leading’ asset manager in Europe, having combined assets under management of €1.5tn.

The sale forms part of AXA’s efforts to streamline its operations and concentrate on its core insurance business.

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Axa plans to use proceeds from the sale to fund growth and for share buybacks, reported Bloomberg.

AXA CEO earlier Thomas Buberl said: “By joining forces with BNP Paribas, AXA IM would become a global asset manager with a wider product offering and a mutual objective to further their leading position in responsible investing.

“This long-term partnership would provide AXA and its customers with continued access to a wide range of best-in-class investment solutions that would further strengthen our strategic ambitions in Life & Savings.”

BNP Paribas commenced exclusive discussions with AXA to acquire 100% of AXA IM in August 2024.

At that time, AXA said: “In particular, AXA’s Life & Savings business is well-positioned to grow, driven by the Group’s strong distribution and product design capabilities, and our customers will benefit from a broader array of asset classes, including continued access to a best-in-class Alternatives asset management platform.”

In September, BNP Paribas agreed to acquire HSBC Continental Europe’ private banking division.