15th Feb 2021 09:04
(Alliance News) - Impax Asset Management Group PLC on Monday announced it has completed its acquisition of Pax World Management LLC for USD3.0 million.
In 2017, the London-based investor, focused on the transition to an environmentally sustainable economy, bought Pax World for an initial USD52.5 million and additional contingent payments of up to USD37.5 million payable in 2021, subject to Pax's performance.
Impax said it now owns the remaining 17% of Pax World that it did not previously hold.
As a result of the completed acquisition, Impax has issued and allotted 181,467 shares to members of its management team that elected to receive shares for part or all of their consideration. It also has announced the separate issue and allotment of two million shares to the Impax Employee Benefit Trust 2012, to satisfy awards made and to be made under the company's employee share schemes, it said.
Contingent consideration payments of USD270,000 will be made this month to previous shareholders and management, due to assets under management of the Pax World funds reaching an average of US5.52 billion over three measurement dates, it added. Assets grew to USD6.6 billion at December 31, up from USD4.9 billion in January 2018.
"Since our acquisition of Pax World Management three years ago, the combined team has successfully integrated the two businesses and delivered significant growth. Impax's business in North America is well placed for further expansion as clients seek to increase their exposure to the transition to a more sustainable economy," said Chief Executive Ian Simm.
Shares in Impax Asset Management were trading marginally higher at 810.00 pence in London on Monday.
By Zoe Wickens; [email protected]
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