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MarketScreener Homepage  >  Equities  >  Xetra  >  Deutsche Börse AG    DB1   DE0005810055

DEUTSCHE BÖRSE AG

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Deutsche Börse : Boerse's Clearstream Buys Majority Stake in Fondcenter from UBS -- Update

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01/21/2020 | 02:24am EST

(Updated with acquisition price and quotes from Clearstream.)

By Carlo Martuscelli

Clearstream, the post-trade services provider of Deutsche Boerse AG (DB1.XE), said on Tuesday that it will buy a majority stake in UBS Fondcenter from UBS Group for 389 million Swiss francs ($401.6 million).

Fondcenter, a part of the bank's asset-management division, will be combined with Clearstream's Fund Desk unit. UBS will retain a 48.8% interest in the merged business, with the option to sell its remaining stake later, the lender said.

The Swiss bank said that it expects an after-tax gain of $600 million and to recognize a CET1 capital increase of about $400 million from the deal, which it expects to close in the second half of this year.

Stephan Leithner, a member of Deutsche Boerse's executive board and the chairman of Clearstream, said that the acquisition complements its investment funds distribution arm.

"Our distributor customers will benefit from extended global fund provider coverage, while asset manager clients will have direct access to UBS global wealth management's premier distribution network as well as access to Clearstream distribution reach," he said.

The combined business will have $230 billion in assets under management. Clearstream said it will enter into commercial cooperation arrangements to provide services to UBS.

Write to Carlo Martuscelli at carlo.martuscelli@wsj.com; @carlomartu

Stocks mentioned in the article
ChangeLast1st jan.
DEUTSCHE BÖRSE AG -1.78% 154.4 Delayed Quote.10.17%
UBS GROUP 0.89% 13.025 Delayed Quote.6.54%
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Financials (EUR)
Sales 2020 3 155 M
EBIT 2020 1 730 M
Net income 2020 1 159 M
Debt 2020 1 116 M
Yield 2020 2,08%
P/E ratio 2020 24,4x
P/E ratio 2021 21,9x
EV / Sales2020 9,32x
EV / Sales2021 8,37x
Capitalization 28 302 M
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Mean consensus HOLD
Number of Analysts 22
Average target price 151,15  €
Last Close Price 154,40  €
Spread / Highest target 14,0%
Spread / Average Target -2,11%
Spread / Lowest Target -15,8%
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Managers
NameTitle
Theodor Weimer Chief Executive Officer
Joachim Faber Chairman-Supervisory Board
Christoph Böhm Chief Operating & Information Officer
Gregor Pottmeyer Chief Financial Officer
Karl-Heinz Flöther Member-Supervisory Board
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