Amundi In Definitive Agreement To Take 26.1% Economic Stake In Victory Capital

(RTTNews) - Amundi, a French asset management company, said on Tuesday that it has inked a deal with Victory Capital Holdings, Inc. (VCTR) as part of its previously announced strategic investment in Victory Capital. The transaction does not include any cash consideration.

Under the terms, Amundi US will be combined with Victory Capital, and the French asset manager will become a strategic shareholder in Victory Capital with a 26.1 percent economic stake.

Valerie Baudson, CEO of Amundi, said: "The transaction will allow Amundi to strengthen its presence in the US via a larger US investment and distribution platform. It will also provide Amundi's clients worldwide with access to a broader range of high-performing US investment solutions."

The transaction is expected to be a low single-digit accretive to the adjusted net income and earnings per share of Amundi.

The companies have inked a 15-year distribution and services deals, effective upon the closing of the transaction.

Post transaction, Amundi will be the distributor of Victory Capital's U.S.-manufactured active asset management products outside of the U.S.

In addition, the French company will become the supplier of non-American manufactured products for Victory's distribution in the U.S.