News: DXS AMP To Sell Collimate Capital's Real Estate, Domestic Infrastructure Equity Business To...

April 27 (Reuters) - AMP Ltd (AMP) :

• UPDATE ON COLLIMATE CAPITAL DOMESTIC BUSINESS
• PROPOSED DEAL FOR UPFRONT CASH CONSIDERATION OF A$250 MILLION
• ENTERED AGREEMENT FOR THE SALE OF COLLIMATE CAPITAL’S REAL ESTATE AND DOMESTIC INFRASTRUCTURE EQUITY BUSINESS TO DEXUS FUNDS MANAGEMENT
• IN ADDITION, DEXUS WILL ACQUIRE ALL OF AMP'S EXISTING AND COMMITTED SPONSOR STAKES
• AMP WILL ALSO BE ELIGIBLE TO RECEIVE A FURTHER CASH EARN-OUT OF UP TO A$300 MILLION
• WILL ACQUIRE AMP'S SPONSOR STAKES IN PLATFORM FOR CASH CONSIDERATION EXPECTED TO BE UP TO ABOUT A$450 MILLION
• WILL ALSO BE ELIGIBLE TO RECEIVE FURTHER CASH EARN-OUT OF UP TO A$300 MILLION, SUBJECT TO AUM RETENTION OVER A NINE-MONTH PERIOD AFTER COMPLETION
• CONSIDERS IT UNLIKELY FULL EARN-OUT WILL BE RECEIVED GIVEN CURRENT EXPECTED LOSS OF AUM OF ABOUT A$3.0 BILLION
• REMAINS IN DISCUSSIONS ON COLLIMATE CAPITAL'S INTERNATIONAL INFRASTRUCTURE EQUITY BUSINESS
• AMP WILL RETAIN ITS 24.99 PER CENT EQUITY STAKE IN PCCP AND SPONSOR STAKE IN PCCP FUND VIII
• INTENDS TO USE PROCEEDS TO PAY DOWN SOME OF ITS CORPORATE DEBT AND TO RETURN CAPITAL TO SHAREHOLDERS
• TRANSACTION IS EXPECTED TO COMPLETE DURING 2H 2022
• WILL NO LONGER PURSUE A DEMERGER OF COLLIMATE CAPITAL
• DISCUSSIONS WITH INTERESTED PARTIES ON SALE OF OUR INTERNATIONAL INFRASTRUCTURE EQUITY BUSINESS CONTINUE