Amundi in Strategic Combination With Victory Capital

Cleary Gottlieb is representing Amundi S.A. (Amundi) in its entry into a definitive agreement to transfer 100% of its indirect interests in U.S. based asset manager Amundi US to Victory Capital Holdings Inc. (Victory Capital) in exchange for a 26.1% economic stake in the combined company.

Amundi and Victory Capital initially announced on April 16, 2024 that the companies had entered into a memorandum of understanding regarding the strategic combination. The transaction signed on July 8, 2024, and is expected to close late in the fourth quarter of 2024 or early 2025. The transaction is subject to customary conditions, including regulatory approvals, client consents, and the approval of Victory Capital shareholders for the issuance of Victory Capital shares to Amundi. In addition, the parties have entered into long-term distribution and services agreements, which will be effective upon the closing of the transaction.

Amundi is a leading European asset manager. A subsidiary of the Crédit Agricole group and listed on the stock exchange, Amundi currently manages more than €2.1 trillion of assets. Victory Capital is a diversified global asset management firm with total assets under management of $168.5 billion, and $173.4 billion in total client assets, as of May 31, 2024.

For more information, please see the press release here.