Talanx sells C-QUADRAT shares to Cubic
Talanx Asset Management, the financial services segment of insurer Talanx, has sold its 25.1 percent investment in asset manager C-QUADRAT Investment AG to Cubic by means of a share purchase agreement subject to a condition precedent.
Talanx AG stands to generate profit after taxes according to International Financial Reporting Standards (IFRS) of around € 25 million from the sale of the shares. Currently Talanx is keeping its earnings forecast for the 2016 financial year unchanged and expects group net income to exceed €700 million in 2016.
The shares will be sold to Cubic at a price of €42 per share. In 2010, Talanx acquired the shares at a price of €12.60 per share.
Talanx said its aim is to continue and further expand the successful collaboration between the two companies, which stretches back many years.
"We are looking forward to continuing our successful cooperation with C-QUADRAT," said Harry Ploemacher, chief executive officer of Talanx Asset Management.
"The collaborative initiatives and trading relationships will remain in place."
The two companies have been collaborating since the start of 2006 in the areas of administration and the management of investment funds.
