AMP Limited completes sale of its infrastructure arm

Oksana Patron

3 February 2023

AMP Limited has announced the completion of the sale and transfer of the Collimate Capital international infrastructure equity business to DigitalBridge Group.

In the announcement made to the Australian Securities exchange (ASX), the group said the total value realized stood at $582 million and comprised:

• $521 million cash payment received on Friday from DigitalBridge, of which $77 million was associated with a balance sheet adjustment
• $57 million of value from retained estimated future carry and performance fees
• $4 million of gains on foreign exchange hedges of the estimated consideration, between signing and completion

AMP also said it would remain eligible for a further cash earn-out of up to $180 million which was contingent on future fund raisings for Global Infrastructure Fund III and Global Infrastructure Fund IV.

The company’s chief executive, Alexis George, said that completion of the transaction would help unlock value for investors  and  support AMP’s previously announced $1.1 billion capital return program, strengthening its balance sheet.

“The completion of the sale of the international infrastructure equity business marks an important milestone in AMP’s transformation, as we become a simpler, retail focused bank and wealth manager, operating in Australia and New Zealand,” she said.

AMP first announced the sale of Collimate Capital in April, 2022.