Azimut acquires Yapı Kredi Portföy for 346 M$

Italian asset management company Azimut Holding has reached an agreement to acquire Yapı Kredi Portföy Yönetimifor USD 346 million. Following the transaction, Azimut will become the largest privately-owned portfolio management company in Türkiye and will establish a 15-year distribution partnership with Yapı Kredi.

Italian asset and wealth management company Azimut Holding SpA has signed an agreement with Yapı Kredi to acquire Yapı Kredi Portföy Yönetimi AŞ. According to the announcement made by the company on the Public Disclosure Platform (KAP), the transaction value has been set at TRY 16.4 billion, approximately USD 346 million.

As part of the agreement, the parties will also establish a 15-year exclusive distribution partnership. This will enable Azimut to access Yapı Kredi’s customer base of more than 18 million clients and offer its investment products through the bank’s distribution network.

According to data from the Turkish Capital Markets Association, as of the end of June, Yapı Kredi Portföy had TRY 1.21 trillion in assets under management, while Azimut Türkiye managed TRY 575.7 billion in assets. Once the acquisition is completed, the resulting entity will become Türkiye’s second-largest portfolio management company, after state-owned Ziraat Portföy, and the largest player in the private sector.

Milan-based Azimut announced that following the acquisition, Türkiye will become the company’s third-largest market. The company stated that the transaction was completed at a price-to-earnings (P/E) multiple of approximately 7 times, based on Yapı Kredi Portföy’s expected net profit for 2026.

International investment network to expand

The parties aim for the partnership to serve as a bridge between Türkiye’s capital markets and international investors. Through Azimut’s global investment network, the objective is to make investment products developed in Türkiye available to international investors, while also directing international capital towards investment opportunities in Türkiye.

“Broader investment solutions will be offered to customers”

Gökhan Erün, CEO of Yapı Kredi, said the agreement represents an important milestone in the bank’s growth strategy in asset management. He stated that the two companies will combine Azimut’s international investment expertise with Yapı Kredi’s strong distribution network.

Erün added that the partnership will enable customers to access a broader range of investment solutions and increase their access to international markets.

Giorgio Medda, CEO of Azimut, noted that the group has been making long-term investments in Türkiye since 2011, describing the partnership with Yapı Kredi as an important step in the company’s global growth strategy. Medda stated that the transaction would increase the contribution of Azimut’s international operations to its overall assets and profitability.

Alessandro Zambotti, CEO of Azimut, also stated that the acquisition would create a portfolio management platform of approximately EUR 30 billion. He said the transaction is expected to generate a combined net income contribution of EUR 65–75 million in 2026 and increase earnings per share by an average of 10% over the next three years.

Completion of the transaction remains subject to the approval of the relevant regulatory authorities and the fulfilment of other closing conditions. J.P. Morgan is acting as financial advisor on the transaction, while ASC Law is serving as Yapı Kredi’s legal advisor.

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Source : Dünya, July, 29 2026. Article translated by Advantis Conseils Turquie