UniCredit to Sell Pioneer to Amundi for More Than EUR4 Billion -- Source

By Giovanni Legorano 

ROME -- Italian lender UniCredit SpA has agreed to sell its asset-management unit Pioneer Investments to France's Amundi SA, a person familiar with the matter said Sunday, in a deal valuing the company at more than EUR4 billion ($4.21 billion).

The person said that the sale would involve the payment of a special dividend to UniCredit in addition to the sale proceeds.

Last week, The Wall Street Journal reported that UniCredit could have sold Pioneer to Amundi for between EUR3.2 billion and EUR3.5 billion, according to another person familiar with talks. In addition, Pioneer would have paid UniCredit a special dividend of up to EUR800 million, as part of the deal.

UniCredit declined to comment. Amundi and French bank Credit Agricole SA, which owns a 75% stake in Amundi, couldn't immediately be reached for comment.

Pioneer's sale is part of a strategic plan UniCredit will unveil on Tuesday, aimed at bolstering its capital base.

Pioneer manages assets worth EUR225.8 billion across America, Europe, the Middle East and Asia, according to its website.

Mediobanca SpA is advising Amundi on the deal, while J.P. Morgan Chase & Co. and Morgan Stanley are advising UniCredit.

Write to Giovanni Legorano at [e-mail]

(END) Dow Jones Newswires

December 11, 2016 17:01 ET (22:01 GMT)

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