Following the publication of Impax’s Preliminary Statement of Results, BNPP IP has acquired from existing Impax shareholders 31 million shares, corresponding to 28.3% of Impax’s issued ordinary shares and increasing its total holding to 29.4%.
Impax and BNP Paribas Investment Partners initiated their cooperation in May 2006, when Impax started advising BNPP IP’s “Parworld Environmental Opportunities” fund.
It has since developed further, with Impax providing advisory services to two funds initiated by BNP Paribas Investment Partners targeted at clients in Korea and Malaysia, and, today, with a further agreement under which BNPP IP will distribute in parts of Europe, Asia-Pacific and the Middle East, products that are managed or advised by Impax.
“The acquisition of a minority stake in Impax is a natural extension of a cooperation started 18 months ago. Impax’s core activity is focused in a key area of development for our clients and BNPP IP. We are convinced that this new step will reinforce our capacity to deliver state-of-the-art expertise in a fast growing market,” says Gilles Glicenstein, head, BNP Paribas Investment Partners.
“Impax is now established as a leading investment manager in the rapidly expanding environmental sector. We are delighted to be able to extend our relationship with BNP Paribas Investment Partners, and I believe that both parties are set to benefit significantly from closer co-operation,” adds Ian Simm, CEO, Impax Group plc.