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Japan’s ORIX buys 90% Robeco stake in €1.9bn deal

19 Feb 2013

euro8_170sqJapanese financial services group ORIX Corp has bought a 90 per cent stake in Robeco, the asset management arm of Dutch bank Rabobank, for just over €1.9bn.

Rabobank will continue to hold a 9.99 per cent stake in Robeco, and will become an ORIX shareholder due to the latter allocating treasury stock to Rabobank as part of the deal price.

Australian finance house Macquarie had been linked with a deal for Robeco, which previously received bids from a consortium of Advent International and CVC, as well as a second bid from Permira and Boston-based asset manager AMG, which teamed up to split the company’s US and European units.

ORIX said the Robeco purchase was its “most significant strategic acquisition to date” and would become its primary platform for future growth ambitions in global markets.

It said the deal was part of its new strategy of combining finance with related services post-financial crisis. The firm had previously invested in global asset management through the 2010 purchase of Mariner Investment Group.

Robeco achieved record results last year, boosting its assets under management by 26 per cent to €189bn at the end of December.

ORIX Group CEO Yoshihiko Miyauchi said, “Robeco is a global company with an outstanding brand and excellent management, well-diversified in all aspects including asset management products, investor clientele, managed portfolio, and regional presence.

“The management team has displayed tremendous performance over the years and we are confident that they will continue to accomplish this going forward.

“ORIX will pursue further expansion in Europe and the U.S, as well as growth in Asia and Middle East regions where it has a strong platform.”

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