PARIS: 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.

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“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.