Athanase is to acquire 70 percdent of the shares in Catella Fondförvaltning (CFF) for cash consideration of SEK126-154 million, depending on CFF’s development up to the transaction date.The consideration corresponds to the consolidated enterprise value of CFF and the effect on profit or loss is estimated at between -SEK13 and +SEK15 million, depending on CFF’s development until the transaction date. In view of the transaction, consolidated deferred tax assets have been reassessed, resulting in an impairment of approximately SEK70 million. Consequently, the aggregated loss after tax for the Catella Group for this is expected to amount to -SEK55 million to -SEK83 million in the second half of 2020.
The strategic partnership with Athanase will create opportunities to further develop and enhance the client offering. The objective is to assure good management of existing products while significantly raise the ambition level for new product launches. Adding more alternative strategies will complement the product portfolio for existing clients while strengthening conditions for widening the client base towards larger institutional clients.
“I am pleased that we have found a strategic partner that can assure CFF’s future development while our remaining ownership enables continued distribution of new products. Catella’s competence in the property segment and Athanase’s experience with further developing businesses set the stage for generating additional value for clients by means of new and innovative products in several different areas. As one example, we intend to offer real estate products to both private and institutional investors,” says Johan Claesson, Acting CEO at Catella.
