Victory Capital to combine Amundi US business for 26.1% stake; reciprocal distribution deals

Victory Capital Holdings, Inc.

Amundi US (formerly Pioneer Investments) to be combined into Victory in exchange for a 26.1% economic stake.
Reciprocal 15-year distribution agreements: Victory supplies US products to Amundi globally, Amundi supplies non-US products to US.
Expected low-double-digit EPS accretion within one year of closing; $100M in annual cost savings targeted.
Amundi to get two board seats; transaction expected to close late Q4 2024 or early 2025.
No incremental debt; net leverage ratio projected to improve significantly upon closing.

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