AMP sells international infrastructure equity business

AMP has sold its international infrastructure equity business to global digital infrastructure firm DigitalBridge for an upfront consideration of $462 million.

In an announcement to the Australian Securities Exchange (ASX), the firm said it had entered into agreement to sell Collimate Capital’s international infrastructure equity business to DigitalBridge.

This was for an upfront consideration of $462 million and total value of $699 million.

Included in the deal was $9 billion in international infrastructure equity assets under management, the management platform, all of AMP’s seed and sponsor investments in international infrastructure equity funds and a substantial portion of the teams in UK, Europe, North America and Asia.

This followed the sale of its domestic infrastructure equity business to Dexus earlier this week.

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The AMP board intended to return the majority of net cash proceeds from recent transactions to shareholders while some would be used to pay down corporate debt.

Chief executive, Alexis George, said: “In DigitalBridge and Dexus, we are confident we have found the right owners for both businesses. They are focused on delivering strong returns for Collimate Capital’s clients and opportunities for our people. We expect both will add significant value through their scale, capability and depth of talent, which our teams will complement”.

The transaction was expected to be completed by Q4 2022.