September 21 (SeeNews) - Slovenia's asset management company Triglav Skladi, a Triglav Group member, said on Friday it signed a deal with ALTA Skupina for the acquisition of 100% interest in its peer ALTA Skladi for 21.7 million euro ($25.5 million).
The agreement was entered into under suspensive conditions, among which the condition that the approval of the regulators is required, Triglav said in a Ljubljana bourse filing.
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A part of the purchase price is also contingent on future payments made to the acquiree.
The acquisition, Triglav noted, is consistent with the strategic guideline of the group to continue to strengthen its asset management business in the period to 2020.
With almost 10% market share, ALTA Skladi is the fifth largest asset management company in the Slovene mutual funds market. In 22 mutual funds, it manages over 270 million euro in assets on behalf of its clients.
Through its subsidiary Triglav Skladi, the Triglav Group has been active on the Slovene market since 1994, where it currently ranks second with a 26% market share. In its 17 mutual funds and discretionary mandates, it effectively manages over 750 million euro in assets on behalf of its clients.
($=0.850785 euro)
Zavarovalnica Triglav d.d. is among the biggest insurers in SEE. You can download our SEE Top 100 ranking
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