As part of the move by Natixis Private Equity towards non-proprietary asset management announced in August 2009, Natixis has received an offer from AXA Private Equity to acquire part of its private-equity business, namely the activities of iXEN Partners and NI Partners (currently being merged) together with those of Initiative & Finance Gestion that represent the majority of the Natixis proprietary managed assets in France.

This conditional offer includes a project to form new funds using the existing teams, with Natixis remaining as co-sponsor to those funds alongside AXA Private Equity. Both the assets sold and the new funds will be managed or advised by the present teams. The offer values the portfolio of those entities at €507 million, with an additional sum payable, contingent on performance.

The offer price compares with the overall IFRS valuation of the portfolio at 31 December 2009 of €543 million.

In order to consider the framework and terms for a transaction, Natixis and AXA Private Equity have signed a letter of agreement for exclusive negotiations, setting a one-month exclusivity period to draft a final agreement, and enabling AXA Private Equity to conduct a confirmatory audit of the portfolio.

In view of the foregoing, application has been made to suspend the quotation of Initiative & Finance Investissement.

At this stage, the information published is not final, and the outcome of the discussions cannot be prejudged. NATIXIS will inform the market as and when final agreement is reached.