Amundi has become the largest asset manager in Europe by market capitalization following a new share offering.
The Paris-based asset manager is valued at €11.3 billion after raising €1.4 billion from the distribution of preferential subscription rights to existing shareholders, a process that began on March 14.
The money raised corresponds to the issuance of 33,585,093 new shares.
Following this transaction, Amundi also becomes the 5th largest globally, the company said yesterday.
The rights offering will enable Amundi to finance some of the €3.545 billion acquisition costs associated with its purchase of Pioneer Investments. The remainder will be financed through a combination of about €1.5 billion of Amundi’s excess capital, and approximately €600 million from senior and subordinated debt of the company.
Yves Perrier, CEO, said: “The success of this capital increase confirms our shareholders’ confidence in our growth strategy. The integration of Pioneer Investments will reinforce Amundi’s position as a European leader in the field of asset management and its growth dynamic.”
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