Project of acquisition of Pioneer Investments
Saturday 17 December 2016
Amundi announces that it has signed a binding agreement with UniCredit in order to acquire Pioneer Investments for an all-cash consideration of €3,545 million. As part of the transaction, Amundi will form a long term strategic partnership with UniCredit for the distribution of asset management products.
Pioneer Investments is a world class asset manager that has a highly complementary business and geographic profile with Amundi. With €222 billion of assets under management1, a majority being retail assets, Pioneer Investments has a unique franchise with a global and proven product expertise.
This transforming acquisition will strengthen significantly Amundi’s industrial project and reinforce its position as the European leader in asset management.
It will create the 8th largest asset manager globally with €1,276 billion of assets under management1, and will allow Amundi to:
The transaction, which has received the support of both the Amundi’s and UniCredit’s Boards of Directors, is subject to customary closing conditions, regulatory and antitrust approvals.
The transaction is expected to close in the first half of 2017.
Commenting on the acquisition, Xavier Musca, Chairman of the Board of Directors of Amundi, said “This acquisition is fully in line with the selective acquisition strategy announced at the time of the IPO: Pioneer Investments will reinforce Amundi’s product expertise, broaden its distribution channels and networks, and generate significant synergies. It confirms Amundi’s position as a clear European leader in asset management, in terms of size and profitability."
Yves Perrier, Chief Executive Officer of Amundi, added “The acquisition of Pioneer Investments is a major step to anchor Amundi as the European leader in asset management. This acquisition will reinforce Amundi’s industrial model and will benefit our clients whilst creating significant value for our shareholders. Pioneer Investments is a world class asset manager that has a highly complementary business and geographic profile. At Amundi we are all excited to welcome soon our new colleagues who will be part of a leading asset management group fully dedicated to serve its retail and institutional clients.”
1. As of 30 September 2016, excluding €4bn of assets under management in Poland.