Taaleri sold its wealth management operations to Aktia with EV EUR120m (excl. debt and cash). The deal is set to go through in May 2021, pending regulatory approval. Even though the majority of Taaleri’s AUM (2020 EUR7.6bn) is transferred to Aktia, Taaleri is left with approximately EUR1.8bn of mainly private equity and energy AUM with very high earnings and future carry potential, in our view.
By selling its wealth management operations, Taaleri takes a first step towards a more streamlined investor story, as the asset management focus will now be on alternative investments. Next logical steps in the project are to divest the non-strategic balance sheet investments and to keep developing Garantia’s operations. Taaleri is set to hold a CMD regarding the transaction and its revised business strategy on 23 March 2021.
The transaction is pending regulatory approval and is expected to close by May 2021 and we are thus not including the transaction in our estimates yet. However, we believe that the deal (if approved) is favourable for Taaleri in the long run and the first step in unlocking Taaleri’s value. Thus, we are inclined to widen our fair value range to EUR8.5-10.5 (EUR8.0-9.5 previously).
Lähde: Finwire News