Japan's Orix to purchase Dutch asset manager Robeco in US$2.58 bil. deal
February 20, 2013, 12:25 am TWN
TOKYO -- Japanese financial firm Orix Corp. said Tuesday it will buy Dutch asset manager Robeco for about 1.94 billion euros (US$2.58 billion) in what would be its biggest acquisition.
Under the deal, Orix will buy a 90.1-percent stake in Robeco from Dutch lender Rabobank, which will keep the remaining 9.99-percent stake.
The deal would help Orix strengthen its presence in the global asset management business, giving it an opportunity to offer Robeco's financial products to Japanese customers, it said.
"The financial market has drastically changed since the financial crisis," Orix said in a statement. "Orix has been seeking to build its presence in the global asset management industry in recent years."
Rabobank Chairman Piet Moerland said: "Rabobank and Robeco have strengthened each other over the past decades by working closely together in serving their clients."