Mirae Asset Global Investments’ merger with Global X Management Company

RBC Capital Markets served as exclusive financial advisor to Global X in this transaction. Baker & McKenzie and Shearman & Sterling are acting as legal counsel to Global X. Dechert and Shin & Kim are acting as legal counsel to Mirae Asset.

Global X Management Company LLC, the New York-based provider of exchange-traded funds (ETFs), has entered into a definitive agreement to sell 100% of its fully diluted shares to Mirae Asset Global Investments Co., Ltd. (Mirae Asset), one of Asia’s leading independent financial companies based in Seoul, Korea.

Mirae Asset is adding an anchor presence in the United States (Global X) to its existing ETF businesses in Canada (Horizons), Australia (BetaShares) and Asia (Tiger ETF). With $30 billion in assets under management as of January 31, 2018, the combination of these ETF businesses represents not only one of the fastest growing ETF management companies in the industry, but also one with a truly global ETF footprint.

Partnering with Mirae Asset will give Global X access to the resources of a large global financial institution, enabling Global X to continue to expand its thematic, income and international ETF solutions and to broaden its distribution capabilities. The day-to-day operations of the Global X business will not change and it will continue to be run under the Global X brand.

The transaction is expected to close in the third quarter, pending necessary third-party approvals, including certain regulatory matters and requisite ETF board and ETF shareholder approvals.

Global X Management Company LLC is an employee owned investment manager. The firm primarily provides its services to investment companies. It launches and manages equity mutual funds for its clients. The Firm, led by Bruno del Ama, Steven Swain, Jose C. Gonzalez, Luis Berruga and Greg King, is based in New York.

Mirae Asset Global Investments is the asset management business of Mirae Asset Financial Group, one of Asia’s largest independent financial companies with approximately $400 billion in assets globally across investment banking and brokerage, life insurance and asset management. Led by Yoo-Seok Seo, Taeyong Lee, Thomas Park and Chang-Hun Lee, and with approximately 730 employees, including 167 dedicated investment professionals, Mirae Asset Global Investments offers its clients a comprehensive suite of investment solutions from its offices in Australia, Brazil, Canada, China, Colombia, Hong Kong, India, Korea, Taiwan, the U.K., the U.S., and Vietnam. Headquartered in Seoul, South Korea, the firm manages US$122 billion in assets globally (as of December 31, 2017) through a diversified platform offering market-leading franchises in traditional equity and fixed income products, ETFs and alternative strategies, such as real estate, private equity and hedge funds.

Dechert advised Mirae Asset on the transaction with a team including Tony Chan (Picture), Erin Lett and Sam Burum (M&A), Jeremy Senderowicz (Banking & Fiance), Dan Dunn, George Davis (Tax), Thomas Rayski (IP&IT), David Jones, Young Lee, Jeffrey Rubin (Employment and Executive Compensation) and Francois Quintard-Morenas (Real Estate).

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Author: Ambrogio Visconti