Sundaram Asset Management Co-Principal deal gets CCI nod
SECTIONS
Last Updated: Apr 07, 2021, 10:29 AM IST
Share
Synopsis
Competition Commission of India has cleared Sundaram Asset Management Company Ltd s (SAMC) proposed deal to acquire the asset management business of Principal in India.
ET Online
Competition Commission of India has cleared Sundaram Asset Management Company Ltd s (SAMC) proposed deal to acquire the asset management business of Principal in India. The deal involves acquisition of 100 per cent of the issued and paid-up equity share capital of Principal Asset Management Pvt Ltd (PAMPL), Principal Trustee Company Pvt Ltd (PTCPL) and Principal Retirement Advisors Pvt Ltd (PRAPL), as per a combination notice filed with the regulator.
Sundaram AMC gets CCI nod for Principal acquisition
April 06, 2021
The deal is for buying out Principal AMC for ₹338.53 crore
The Competition Commission of India (CCI) has approved the Sundaram Asset Management Company Ltd’s (SAMC) acquisition of Principal Asset Management, Principal Trustee Company and Principal Retirement Advisors. SAMC, a wholly owned subsidiary of Sundaram Finance, had in January this year announced acquisition of Principal Asset Management business in India for ₹338.53 crore.
Principal Asset Management had assets under management of ₹7,447 crore as of December 2020 with about 90 per cent of this in equity-oriented schemes. “Commission approves acquisition of Principal Asset Management, Principal Trustee Company and Principal Retirement Advisors by Sundaram Asset Management Company,” the CCI said in a tweet.
January 28, 2021
Principal Global Services, technical support and services arm, to continue
Sundaram Asset Management Company, a wholly owned subsidiary of Sundaram Finance, has acquired Principal Asset Management business in India for ₹338.53 crore. Principal Asset Management has assets under management of ₹7,447 crore as of December-end with about 90 per cent of this in equity-oriented schemes.
As part of the deal, Sundaram AMC will buy out the entire share capital of Principal Asset Management, Principal Trustee Company and Principal Retirement Advisors.
The transaction is subject to the receipt of necessary regulatory approvals and SEBI prescribed processes.
Sunil Subramaniam, Managing Director, Sundaram Asset Management Company, said the transaction will strengthen Sundaram MF presence in the market place with the addition of a range of schemes with a good long term performance track record across the large and mid-cap segments.
Sundaram Asset Management Acquires Principal Asset Management Company moneycontrol.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from moneycontrol.com Daily Mail and Mail on Sunday newspapers.
Sundaram Asset Management announces Purchase of Principal® AMC in India
Posted On: 2021-01-28 10:22:53 (Time Zone: Arizona, USA)
Sundaram Asset Management Company Limited. ( Sundaram ), a 100% subsidiary of Sundaram Finance Ltd., has announced the purchase of the asset management businesses of Principal Asset Management Pvt. Ltd ( Principal ). Sundaram will acquire the schemes managed by Principal Asset Management Pvt. Ltd and acquire 100% of the share capital of Principal Asset Management Pvt. Ltd., Principal Trustee Company Pvt. Limited, and Principal Retirement Advisors Pvt. Ltd. The transaction is subject to the receipt of necessary regulatory approvals and SEBI prescribed processes, and Principal® will continue to operate the businesses until the deal is closed.