Amundi and Victory Capital today announce the closing of their previously announced transaction.
In line with the agreement announced on 9 July 2024[1]:
- Amundi US has been combined with Victory Capital which is now managing close to $300bn[2] of assets
- Amundi has become a strategic shareholder of Victory Capital
- Amundi and Victory Capital have entered into 15-year distribution reciprocal agreements, which are now effective.
Under these distribution agreements, Amundi will distribute Victory Capital’s US-manufactured active asset management products outside of the US. Additionally, Amundi will be the supplier of non-US manufactured products for Victory Capital’s distribution in the US.
As consideration for the Amundi US business, Amundi received a total of 17.6 million shares at closing, or 21.2% of equity[3] in Victory Capital. As the post-closing transaction adjustments progress and in accordance with the contribution agreement, we anticipate Amundi’s total equity interest to reach 26.1%3 in the following months.
The transaction, which does not include any cash consideration, is expected to result in a material increase in the contribution from US operations to Amundi’s results, leading to a low single-digit accretion of the adjusted net income and EPS of Amundi.
Thanks to this transaction with Victory Capital, Amundi’s clients can access a broader range of high-performing US investment solutions, while we are looking forward to providing Victory Capital’s clients with Amundi’s expertise and products. With this value-creating deal, Amundi has strengthened its presence in the US via a larger US investment and distribution platform.
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[1] See press release available on https://about.amundi.com
[2] Figure as of February 28,2025
[3] 4.9% of voting rights
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