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    AMP   AU000000AMP6

AMP LIMITED

(AMP)
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Delayed Australian Stock Exchange  -  02:10 2022-08-12 am EDT
1.130 AUD   -2.16%
08/11AMP Limited authorizes a Buyback Plan.
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08/10AMP Limited Declares Quarterly Dividend for the Period Ending September 15, 2022, Payable on September 16, 2022
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08/10AMP's Net Profit Soars 229% in January to June
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Australia's AMP to sell some assets of AMP Capital for up to $393 mln

04/26/2022 | 09:11pm EDT
FILE PHOTO: The logo of AMP Ltd adorns its head office located in central Sydney, Australia

April 27 (Reuters) - Australian wealth manager AMP Ltd will sell the real estate and domestic infrastructure equity business of its asset management unit, AMP Capital, to Dexus for up to A$550 million ($392.8 million), the companies said on Wednesday.

The deal includes A$250 million in upfront cash payment and an earn-out consideration of up to A$300 million subject to factors including the successful transition of assets under management (AUM), the firms said in separate statements.

AMP said, however, it was unlikely it would receive the full earn-out given an expected loss of AUM from AMP Capital, now called Collimate Capital, of about A$3.0 billion.

Dexus, an Australian real estate firm, will also buy AMP's existing and committed sponsor stakes in AMP Capital for up to A$450 million.

The deals pivot the 172-year-old AMP away from its plan to demerge AMP Capital, and instead will opt to sell parts of the unit. (https://reut.rs/36OlpZo)

"The transaction will unlock value for AMP shareholders," the embattled wealth manager said, adding that it would use proceeds of the sales to pay down debt and return capital to investors.

AMP, which is trying to turn itself around after a series of scandals that led to a drop in earnings, said it also remains in talks on AMP Capital's international infrastructure equity business after getting several acquisition enquiries.

($1 = 1.4004 Australian dollars) (Reporting by Roushni Nair, Shashwat Awasthi and Tejaswi Marthi in Bengaluru; Editing by Subhranshu Sahu and Sherry Jacob-Phillips)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
AMP LIMITED -2.16% 1.13 Delayed Quote.11.88%
DEXUS -0.87% 9.16 Delayed Quote.-17.63%
All news about AMP LIMITED
08/11AMP Limited authorizes a Buyback Plan.
CI
08/10AMP Limited Declares Quarterly Dividend for the Period Ending September 15, 2022, Payab..
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08/10AMP's Net Profit Soars 229% in January to June
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08/10Miners, banks lift Australian shares to over two-month high
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08/10TRANSCRIPT : AMP Limited, H1 2022 Earnings Call, Aug 11, 2022
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08/10AMP : announces 1H 22 results and return of capital to shareholders
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08/10Australia's AMP posts 24% drop in first-half profit
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08/10AMP Limited announces an Equity Buyback for AUD 350 million worth of its shares.
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08/10AMP Limited Reports Earnings Results for the Half Year Ended June 30, 2022
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07/27Westpac Banking Corporation completed the acquisition of MoneyBrilliant Pty Ltd from AM..
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Financials
Sales 2022 1 519 M 1 079 M 1 079 M
Net income 2022 474 M 336 M 336 M
Net Debt 2022 26 113 M 18 548 M 18 548 M
P/E ratio 2022 12,0x
Yield 2022 0,27%
Capitalization 3 688 M 2 620 M 2 620 M
EV / Sales 2022 19,6x
EV / Sales 2023 23,0x
Nbr of Employees 4 826
Free-Float 99,0%
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Mean consensus HOLD
Number of Analysts 7
Last Close Price 1,13 AUD
Average target price 1,12 AUD
Spread / Average Target -1,01%
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Managers and Directors
Alexis George Chief Executive Officer & Director
James Georgeson Chief Financial Officer
Debra Hazelton Chairman
Felicia Trewin Chief Technology Officer
Rod Finch Director-Superannuation, Retirement & Investments
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