AMP and Dexus still struggling to complete Collimate transaction

Mike Taylor

Managing Editor/Publisher, Financial Newswire

2 March 2023

AMP Limited continues to struggle to close the sale of the AMP Capital domestic real estate and infrastructure equity business to Dexus Funds Management announcing yesterday that the two firms had agreed to extend a key date.

AMP announced to the Australian Securities Exchange (ASX) that, together with Dexus, it had agreed to extend the date of satisfaction or waiver of conditions precedent for the transaction to 20 March and said AMP was continuing to work towards securing the outstanding regulatory approval.

The announcement said the purchase price remained at $225 million, consistent with what was announced on 9 January.

It noted that, as previously advised, the two firms were also in the process of finalising binding documentation for a revised transaction structure with a two stage completion process.

“If conditions precedent are not satisfied on the original transaction, first completion of the revised transaction is expected to occur on or before 20 March,” the announcement said.

In an earlier announcement, Dexus said that the alternative two-stage transaction structure would also first completion without satisfaction of the of the condition precedent relating to the transfer of AMP’s ownership interest in China Life AMP Asset Management out of entities being acquired by Dexus under the transaction.