A partnership is born between Azimut and Notus Portfoy Yonetimi. The Italian and Turkish companies have signed an investment agreement and shareholders' agreement to start a collaboration in the asset management sector in Turkey. Azimut, once the necessary authorizations have been obtained, will acquire 70% of the capital of Notus through Az International Holdings SA
The transaction will involve an acquisition from the founding partners (for approximately 1,5 million euros including the company's cash position) and the subscription of a capital increase (for an equivalent value of approximately 0,8 million euros) to finance the business plan. The agreements also include call/put options.
“This partnership – commented the founding partners of Notus – will make it possible to combine Notus' access and experience of the local market with Azimut's international knowledge and know-how to strengthen and increase the wealth management offer and our distribution capacity".
Satisfied Pietro Giuliani, president and CEO of Azimut: “With Notus we share the fundamental values of our business philosophy, including independence and attention to results. This operation, including the Luxembourg funds, makes us the first independent management company in Turkey”.
Today in mid-morning, Azimut's share price gains 1,14%.
