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Amundi to buy Pioneer from UniCredit for $3.75 billion

Staff Writer |
French fund management company Amundi will buy asset manager Pioneer from Italian bank UniCredit for 3.55 billion euros ($3.75 billion).

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The company will finance the deal with a debt and equity issue.

The deal is one of various disposals being pursued by newly-appointed UniCredit Chief Executive Jean-Pierre Mustier to boost capital levels at the Italian lender, slim it down and make it easier to manage.

For Amundi, which is majority owned by French bank Credit Agricole, the acquisition of Pioneer will strengthen its market-leading position in Europe, result in cost-savings and boost Amundi's earnings.

"Pioneer Investments will reinforce Amundi's product expertise, broaden its distribution channels and networks, and generate significant synergies," said Amundi Chairman Xavier Musca in a statement.

"It confirms Amundi's position as a clear European leader in asset management, in terms of size and profitability," he added.

After the deal Amundi will have 1.276 billion euros of assets under management, making it the eighth largest asset manager in the world, Amundi said.

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