Australia’s AMP confirms in talks to sell investment management unit

(Reuters) -Australian wealth manager AMP Ltd confirmed on Tuesday it was in talks with multiple parties, including real estate firm Dexus, for a potential sale of assets and businesses of its investment management unit Collimate Capital, formerly AMP Capital.

The announcement comes after media reports indicated AMP was in discussions to sell Collimate in a bid to simplify its business.

Dexus, in a separate filing, confirmed it was engaged with AMP regarding a possible acquisition of the 172-year-old company’s Australian real estate and infrastructure equity businesses.

“While these discussions continue, AMP remains in a position to pursue either a sale or demerger of these businesses,” the wealth manager said.

The deal, if it materialises, pivots the company away from its demerger plan for AMP Capital’s private markets business, instead opting to sell parts of the infrastructure investment managing unit one after the other. (https://bit.ly/3On34np) (https://bit.ly/3K0MbeU)

(Reporting by Tejaswi Marthi in Bengaluru; Editing by Krishna Chandra Eluri)