Latin American alternative money manager Patria Investments plans to acquire private credit specialist Moneda Asset Management in a deal worth $315 million.
Under the agreement, which is expected to close before the end of 2021, Moneda's partners will receive $187 million in Patria Investments' Class B common stock and $128 million in cash, according to a Sept. 3 joint news release from the firms.
The combined organization will have about $26 billion in assets under management. Moneda Asset Management, which currently has over $10 billion in AUM, manages both public and private credit as well as public equities.
"Complementary is the word that defines this transaction," said Olimpio Matarazzo, senior managing partner and Patria Investments' chairman of the board, in the news release. "The product offerings and the geographical and currency exposures are a perfect fit. Patria is a leader in private equity and infrastructure investments in Latin America, and Moneda is the top credit investor in the region. In addition, both companies have a similar culture, based on partnership and exceptional client service."
The deal is subject to regulatory approvals and other customary conditions, the news release said.
A spokeswoman for the firms could not be immediately reached for further information.