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MarketScreener Homepage  >  Equities  >  Swiss Exchange  >  UBS Group    UBSG   CH0244767585

UBS GROUP

(UBSG)
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UBS : Sells Majority Stake in Fondcenter to Deutsche Boerse's Clearstream

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01/21/2020 | 01:26am EST

By Carlo Martuscelli

UBS Group said Tuesday that it well sell a majority stake in UBS Fondcenter to Clearstream, the post-trade services provider of Deutsche Boerse AG (DB1.XE).

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

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 combined business will have $230 billion in assets under management. Under the terms of the deal, UBS and Clearstream will also enter into a long-term agreement to use the Swiss lender's global wealth management and asset management business divisions, and the corporate and institutional clients unit of personal and corporate banking.

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

Stocks mentioned in the article
ChangeLast1st jan.
DEUTSCHE BÖRSE AG -0.41% 156.45 Delayed Quote.12.17%
UBS GROUP 1.94% 13.16 Delayed Quote.5.60%
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Financials (CHF)
Sales 2020 29 342 M
EBIT 2020 6 146 M
Net income 2020 4 515 M
Debt 2020 10 732 M
Yield 2020 5,70%
P/E ratio 2020 10,3x
P/E ratio 2021 10,1x
EV / Sales2020 1,96x
EV / Sales2021 1,93x
Capitalization 46 683 M
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Mean consensus OUTPERFORM
Number of Analysts 23
Average target price 13,90  CHF
Last Close Price 12,91  CHF
Spread / Highest target 24,5%
Spread / Average Target 7,68%
Spread / Lowest Target -22,5%
EPS Revisions
Managers
NameTitle
Sergio P. Ermotti Group Chief Executive Officer
Axel A. Weber Chairman
Sabine Keller-Busse Group Chief Operating Officer
Kirt Gardner Group Chief Financial Officer
Reto Francioni Independent Director
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