Amundi to Combine US Unit With Victory in Exchange for 26% Stake

Amundi SA, Europe’s largest asset manager, agreed to merge its US unit with Victory Capital in exchange for a minority holding in the combined business.

The two sides signed a memorandum of understanding for Amundi to become a strategic shareholder in Victory with a 26.1% economic stake, according to a statement Tuesday. Amundi would get two seats on Victory’s board of directors once the deal closes.

Both parties also agreed to enter into a 15-year reciprocal distribution pact. A final agreement is expected to be announced by the end of the second quarter, the two companies said in the ...