Amundi acquires Pioneer Investments
Amundi recently signed a €3.54 billion agreement with UniCredit to acquire Pioneer Investments. About €1.5 billion of the price will be financed by Amundi's excess equity, about €1.4 billion by a rights offering, and the remainder - about €0.6 billion - through senior and subordinated debt. The capital increase is to be launched in H1 2017 and guaranteed by the Crédit Agricole Group, which will take a holding and post-transaction retain a 66.7% minimum pro forma holding. Pioneer Investments is a well-known player with global and proven asset management expertise, and €222 billion outstanding under management. As part of this transaction, Amundi is to enter into a long-term strategic asset management product distribution partnership with UniCredit. For Crédit Agricole group, this transaction is in line with the objectives of the “Strategic Ambition 2020” Medium Term Plan, which include accelerating organic growth of Amundi’s asset management business and strengthening our presence in Italy. This transaction will boost Amundi's corporate plan and bolster its position as Europe's leading asset manager. Post-acquisition, Amundi will be the eighth-largest management company worldwide, with €1,276 billion outstanding under management.