M&A deals, dollars increase in Q2

Thirty-two money management deals took place in the second quarter of 2022. In the second quarter of 2021, there were 20 transactions. Assets under management involved in the latest quarter's transactions totaled $1.65 trillion, up 103% from $811.5 billion in the previous quarter.

The dramatic increase in AUM was largely driven by Brookfield Asset Management's plan to spin off 25% of its stake in the asset management business at an $80 billion valuation.

In the second quarter, Voya Financial agreed to acquire most of Allianz Global Investors' U.S. investment management business, and AllianzGI would acquire up to a 24% stake in Voya Investment Management.

CI Financial announced its plan to list 20% of its $133 billion U.S. wealth management business publicly.

Apollo Global Management will acquire a minority stake in Sofinnova Partners and invest up to $1.05 billion in Sofinnova's investment funds.

Ares Management Corp. will pay $2.4 billion to purchase a middle-market lending portfolio from Annaly Capital Management.

Franklin Templeton has entered into an agreement to purchase Alcentra for up to $700 million from Bank of New York Mellon Corp.

DigitalBridge Group agreed to purchase AMP Ltd.'s $6.5 billion international infrastructure equity business for $333.67 million.

In a separate transaction, Dexus Funds Management agreed to acquire AMP Ltd.'s $22.4 billion domestic real estate and infrastructure equity business for $180.65 million.

There also were 11 deals in the quarter that did not involve money managers.

Elon Musk agreed to purchase Twitter Inc. for $44 billion to take the company private, making it one of the biggest leveraged buyout deals in history.

Caisse de Depot et Placement du Quebec will invest $5 billion in Jebel Ali Port, the Jebel Ali Free Zone and the National Industries Park in Dubai through its joint venture with DP World and take ownership of up to 22%.

Australia Tower Network will acquire telecom tower operator Axicom for $2.7 billion.

Ontario Teachers' Pension Plan will invest up to $1 billion to fund the development of up to nine gigawatts of offshore wind projects through its joint venture with Corio Generation.

All information is based on transactions reported by Pensions & Investments’ global reporting staff.

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