Private equity fund EQT said on Wednesday it had agreed to buy investment firm Baring Private Equity Asia (BPEA) with 17.7 billion euros ($19.4 billion) of assets under management.
In a statement, EQT said the deal consideration of 6.8 billion euros consisted of 191 million new ordinary EQT shares valued at 5.3 billion euros, and cash of 1.5 billion euros.
EQT said it expected to finalise the deal in the fourth quarter, and expected it to be immediately high single-digit accretive to its earnings per share.
Separately, France’s BNP Paribas Asset Management and Indian lender Bank of Baroda’s fund unit have completed their merger, adding to the growing list of acquisitions and consolidations among Indian funds.
The two entities have formed Baroda BNP Paribas Mutual Fund, effective March 14, BNP Paribas said in an announcement. The joint venture has about 225 billion rupees (US$2.94 billion) in combined assets under management.
Baroda Asset Management chief executive Suresh Soni will become CEO of the merged entity.
- Reuters, with additional editing by George Russell