Credit Agricole to Take Majority Stake in Degroof Petercam (1)

Credit Agricole SA will acquire a majority stake in Belgian asset and wealth manager Degroof Petercam, as the French lender looks to boost its wealth management operations.

The bank’s Indosuez Wealth Management has signed an agreement to buy a 60% stake, according to a statement Friday, confirming an earlier Bloomberg report. That will be followed by a tender offer for the remaining shares.

The deal, which is expected to complete next year, values Degroof Petercam at €148.03 ($162.09) per share before various potential adjustments, according to a separate statement Friday. That suggests a total valuation of about €1.5 billion. ...