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Permira last PE firm standing in race for Dexia Asset Management

31 May 2012

Permira is understood to be the last private equity firm left in the race to buy Franco-Belgian bank Dexia’s asset management unit for up to €750m.

Australian investment bank Macquarie, New York Life Insurance, Affiliated Managers Group and Federated Investors are also considering bids according to Reuters.

Fellow buyout houses Advent International, CVC and Warburg Pincus were believed to have tabled offers last month but appear to have cooled their interest.

Dexia had to be bailed out by the French and Belgian governments last year and has since sold Banque International a Luxembourg, its half of RBC Dexis Investor Services and is attempting to sell Turkish lender Denizbank, Reuters said.

Final bids from the interested parties are expected in the middle of June, with Dexia hoping to have chosen a buyer before the end of next month.

Dexia AM said its assets under management rose to €79.3bn in the first quarter of 2012 from €78bn in the previous quarter.

Last month it emerged Permira is also attempting to buy luxury mobile phone company Vertu from Finnish communications group Nokia for around €200m.

Nokia is understood to be seeking to offload some of its non-core assets in order to bolster its struggling devices arm.

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