PARIS, July 31 (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
Source: Reuters