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Santander, UniCredit Agree to Combine Asset Management Units

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UniCredit SpA and Banco Santander SA reached an agreement to merge their asset-management businesses in a transaction valuing the combined entity at about 5.4 billion euros ($5.8 billion).

The accord will create a holding company called Pioneer Investments that will be 50 percent owned by UniCredit and 50 percent held by the U.S. buyout firms Warburg Pincus LLC and General Atlantic LLC. The holding firm will own Pioneer’s U.S. business and will control combined operations of UniCredit’s Pioneer, excluding its U.S. activities, and Santander Asset Management. The two lenders will each hold one third of the new combined business, while Warburg Pincus and General Atlantic will own the rest.