France's SocGen to buy 75% stake in energy-focused investment firm Reed Management

Logo of Societe Generale outside a bank building in Paris·Reuters
Reuters
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PARIS (Reuters) - French bank Societe Generale said on Wednesday it had agreed to buy a 75% stake in Reed Management, an alternative asset management company dealing in the energy sector.

The takeover will also see SocGen invest 250 million euros ($270.45 million) in the Reed Management business.

Reed Management said it aims to be a leading global investor in the energy transition sector, and it will target direct equity investments in companies specialising in areas such as cutting carbon emissions.

"This acquisition is a new step in the execution of the group strategic roadmap, as part of our ambition to bolster our ESG (environmental, social and governance) leadership," said SocGen CEO Slawomir Krupa.

($1 = 0.9244 euros)

(Reporting by Sudip Kar-Gupta; editing by Jason Neely and Louise Heavens)