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
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