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Amundi Agrees to Buy UniCredit’s Pioneer for $3.7 Billion

  • Purchase to make Amundi eighth-biggest global asset manager
  • Pioneer manages about 222 billion euros in assets for clients
Updated on

Amundi SA agreed to buy Pioneer Investments from Italy’s UniCredit SpA, accelerating the French investment company’s growth in the U.S. and European markets including Germany and Austria.

Amundi will pay about 3.5 billion euros ($3.7 billion) in cash, the Paris-based company controlled by Credit Agricole SA said in a statement on Monday. It will pay for the purchase with a combination of a 1.4 billion-euro capital increase, about 600 million euros of senior subordinated debt and about 1.5 billion in existing capital. UniCredit will get an extraordinary dividend of 315 million euros from Pioneer before the deal is completed, the Italian bank said in a separate statement.