Amundi and Victory Capital sign a definitive agreement to become
strategic partners
Amundi and Victory Capital sign a
definitive agreement
to become strategic partners
Paris, 9 July 2024 - Amundi
today announces that it has reached a definitive agreement with
Victory Capital for their previously announced transaction.
The agreement is in line with the Memorandum of
Understanding announced on April 16, 20241:
- Amundi US will be combined with
Victory Capital;
- Amundi will become a strategic
shareholder of Victory Capital with a 26.1% economic stake in
Victory Capital;
- Both parties have entered into
15-year distribution and services agreements, which will be
effective upon the closing of the transaction.
Under these distribution and services
agreements, Amundi will be the distributor of Victory Capital’s
US-manufactured active asset management products outside of the US.
Additionally, Amundi will become the supplier of non-US
manufactured products for Victory’s distribution in the US.
Valérie Baudson, Chief Executive Officer of
Amundi, commented: “The transaction will allow Amundi to
strengthen its presence in the US via a larger US investment and
distribution platform. It will also provide Amundi’s clients
worldwide with access to a broader range of high-performing US
investment solutions. Thanks to this transaction, Amundi will
become a strategic shareholder in a US-based asset management firm
with a consistent track record of development. This is a compelling
proposition for our clients and our employees. It is also a
value-creating deal for our shareholders.”
Amundi expects this transaction, which does not
include any cash consideration, to result in a material increase in
the contribution from US operations to its results, leading to a
low single-digit accretion of the adjusted net income and EPS of
Amundi.
The transaction is subject to customary closing
conditions2, and is expected to be completed late in the
4th quarter of 2024 or early 2025.
Ardea Partners is acting as financial advisor
and Cleary Gottlieb Steen & Hamilton LLP and Dechert LLP are
providing legal counsel to Amundi in connection with this
transaction.
Press contacts:
Natacha Andermahr
Tel. +33 1 76 37 86 05
natacha.andermahr@amundi.com
Corentin Henry
Tel. +33 1 76 36 26 96
corentin.henry@amundi.com
Geoff Smith, Amundi US
Tel. +1 617 422 4758
Geoff.Smith@amundi.com
Investor contacts:
Cyril Meilland, CFA
Tel. +33 1 76 32 62 67
cyril.meilland@amundi.com
Thomas Lapeyre
Tel. +33 1 76 33 70 54
thomas.lapeyre@amundi.com
Annabelle Wiriath
Tel. + 33 1 76 32 43 92
annabelle.wiriath@amundi.com
Forward-looking statements
This document may contain forward-looking statements within the
meaning of applicable U.S. federal and non-U.S. securities laws.
These statements may include, without limitation, any statements
preceded by, followed by or including words such as “target,”
“believe,” “expect,” “aim,” “intend,” “may,” “anticipate,”
“assume,” “budget,” “continue,” “estimate,” “future,” “objective,”
“outlook,” “plan,” “potential,” “predict,” “project,” “will,” “can
have,” “likely,” “should,” “would,” “could” and other words and
terms of similar meaning or the negative thereof and include, but
are not limited to, statements regarding the proposed transaction
and the outlook for Victory Capital’s or Amundi’s future business
and financial performance.
Such forward-looking statements involve known and unknown risks,
uncertainties and other important factors beyond the Victory
Capital’s and Amundi’s control and could cause Victory Capital’s
and Amundi’s actual results, performance or achievements to be
materially different from the expected results, performance or
achievements expressed or implied by such forward-looking
statements.
Although it is not possible to identify all such risks and factors,
they include, among others, the following: risks that conditions to
closing will fail to be satisfied and that the transaction will
fail to close on the anticipated timeline, if at all; risks
associated with the expected benefits, or impact on Victory
Capital’s and Amundi’s respective businesses, of the proposed
transaction, including the ability to achieve any expected
synergies; and other risks and factors relating to Victory’s and
Amundi’s respective businesses contained in their respective public
filings. These factors may include changes in the economic and
commercial situation, regulations and the risk factors described in
Amundi's Registration Document (section 5.2) registered with the
AMF under number D.23-0257 on 7 April 2023.
Important Additional Information and
Where to Find It
This communication is being issued in connection
with the proposed acquisition of Amundi Holdings US, Inc. (“Amundi
US”) by Victory Capital. In connection with the transaction,
Victory Capital intends to file a proxy statement and certain other
documents regarding the transaction with the SEC. The definitive
version of the proxy statement (if and when available) will be
mailed to Victory Capital’s stockholders.
INVESTORS AND SECURITY HOLDERS ARE URGED TO READ
THE PROXY STATEMENT (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS
THERETO) AND ANY OTHER RELEVANT DOCUMENTS THAT ARE FILED OR WILL BE
FILED WITH THE SEC, CAREFULLY AND IN THEIR ENTIRETY WHEN THEY
BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION
ABOUT THE TRANSACTIONS CONTEMPLATED BY THE CONTRIBUTION AGREEMENT
AND RELATED MATTERS.
Investors and security holders may obtain, free
of charge, copies of the proxy statement (when it is available) and
other documents that are filed or will be filed with the SEC by
Victory Capital through the website maintained by the SEC
at www.sec.gov or the Investor Relations portion of Victory
Capital’s website at https://ir.vcm.com.
Participants in the
Solicitation
Amundi and certain of its directors, executive
officers and other employees may be deemed to be “participants” in
the solicitation of proxies from Victory Capital’s stockholders
with respect to the special meeting of stockholders that will be
held to consider and vote upon the approval of the share issuance
in connection with the proposed acquisition of Amundi US by Victory
Capital. Additional information regarding the identity of the
participants, and their respective direct and indirect interests in
the transaction, by security holdings or otherwise, will be set
forth in the proxy statement and other materials to be filed with
the SEC in connection with the transaction (if and when they become
available). Investors and security holders may obtain free copies
of these documents using the sources indicated above.
About Amundi
Amundi, the leading European asset manager,
ranking among the top 10 global players1, offers its 100
million clients - retail, institutional and corporate - a complete
range of savings and investment solutions in active and passive
management, in traditional or real assets. This offering is
enhanced with IT tools and services to cover the entire savings
value chain. A subsidiary of the Crédit Agricole group and listed
on the stock exchange, Amundi currently manages more than €2.1
trillion of assets2.
With its six international investment
hubs3, financial and extra-financial research
capabilities and long-standing commitment to responsible
investment, Amundi is a key player in the asset management
landscape.
Amundi clients benefit from the expertise and
advice of 5,500 employees in 35 countries.
Amundi, a trusted partner, working every day in the
interest of its clients and society
www.amundi.com
1 Source: IPE “Top 500 Asset Managers”
published in June 2023, based on assets under
management as at 31/12/2022
2 Amundi data as at
31/03/2024
3 Boston, Dublin, London, Milan, Paris and
Tokyo
- PR Amundi and Victory Capital sign a definitive agreement to
become strategic partners
Amundi (EU:AMUN)
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De Oct 2024 a Nov 2024
Amundi (EU:AMUN)
Gráfica de Acción Histórica
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