HONG KONGâ€"The Japanese financial services company Orix said Tuesday it would pay €1.94 billion ($2.6 billion) to acquire the asset management business of the Dutch lender Rabobank.
Orix, which was founded in 1964 and has grown to include businesses like retailing, automobile leasing and real estate investment, said in a statement that it would own 90 percent of Robeco Groep upon completion of the deal, which is expected to close in the next six months.
Rabobank will retain a 10 percent stake in the asset management unit. Robeco, based in Utrecht, Netherlands, reported a profit of €197 million for last year and had €189 billion ($252 billion) in assets under management at the end of December.
In a statement, Orix described the deal as its “most significant strategic acquisition to date,†and said the unit would serve as its primary platform for future global expansion.
“Rbeco is a global company with an outstanding brand and excellent management,†Yoshihiko Miyauchi, the chief executive of Orix, said in the statement. “Orix will pursue further expansion in Europe and the U.S., as well as growth in Asia and the Middle East regions where it has a strong platform.â€
Global dealmaking has been booming in recent months as companies that had taken an ax to costs following the financial crisis have found themselves in stronger cash positions as business rebounded. At the same time, a surge in debt market activity has made for easier access to funding for takeovers.
The volume of worldwide mergers and acquisitions has risen to $396.1 billion in the year to date, up 30 percent from the same period a year ago, according to a research note from the data provider Dealogic published on Tuesday. That marked the highest level of dealmaking activity for the period since 2008.
