Brief: GAM Announces Sale Of Its Third-Party Fund Management Services Businesses To Carne Group

Gam Holding AG

29/06/2023 06:36

June 29 (Reuters) - Gam Holding Ag  GAMH.S :
    * ANNOUNCES THE SALE OF ITS THIRD-PARTY FUND MANAGEMENT
SERVICES
BUSINESSES TO CARNE GROUP
    * PURCHASE PRICE, WHICH REFLECTS REDUCED ASSETS UNDER
MANAGEMENT
("AUM") AND LOSS-MAKING NATURE OF FMS BUSINESSES, IS EUR 2.25
MILLION FOR LUXEMBOURG BUSINESS
    * AND CHF 0.5 MILLION FOR SWISS BUSINESS
    * BOTH SUBJECT TO ADJUSTMENT BASED ON REVENUE RUN RATES AT
CLOSING
    * IN ADDITION, CHF 12.1 MILLION OF REGULATORY CAPITAL WILL
BE
RELEASED AND RETAINED BY GAM
    * RESULTING IN A TOTAL FINANCIAL BENEFIT TO GAM OF
APPROXIMATELY
CHF 15 MILLION
    * TRANSACTIONS ARE EXPECTED TO CLOSE DURING Q4 2023
    * THIS IS A MATERIAL STEP TOWARDS FULFILLING A CONDITION OF
OFFER
FROM LIONTRUST ASSET MANAGEMENT PLC
    * GAM BOARD UNANIMOUSLY RECOMMENDS LIONTRUST'S OFFER TO
SHAREHOLDERS

Source text for Eikon:  ID:nGNE7X3PwZ 
Further company coverage:  GAMH.S 

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