Allianz completes €1.4 bn buyout of remaining PIMCO shares

Allianz SE has repurchased the last employee‑held shares of its bond‑specialist subsidiary PIMCO, acquiring roughly 4.4% of the firm for at least €1.4 billion. The transaction lifts Allianz’s ownership to at least 95%, giving the Munich‑based insurer near‑full control of one of its most important asset‑management businesses.

The buyback ends the “M‑Unit” employee‑participation plan that was introduced in 2008 and gave former PIMCO staff a combined 9.4% stake. The program expired in 2020, and Allianz exercised its contractual right to purchase the remaining units from former employees. CEO Oliver Bäte said the move strengthens the group’s asset‑management earnings pillar.

Analysts described the price as fair; Jefferies called the deal a “pleasant surprise,” while RBC also rated it positively. Market reaction was muted, with Allianz shares closing just below their 52‑week high after the announcement.