Victory Capital Holdings, Inc. (NasdaqGS:VCTR) signed a memorandum of understanding to acquire Amundi USA, Inc. from Amundi S.A. (ENXTPA:AMUN) on April 15, 2024. Amundi US would be combined into Victory Capital in exchange for a 26.1% economic stake for Amundi in Victory Capital, with no cash payment involved. Amundi would become a strategic shareholder of Victory Capital with two of its representatives joining the Victory Capital Board of Directors when the transaction closes.

The ultimate completion of a transaction would remain subject to conditions, including regulatory approvals. The transaction is expected to be accretive for the shareholders of both Victory Capital and Amundi, increasing adjusted net income and earnings per share for both companies. The parties are working toward definitive agreement, which is expected to be announced by the end of the second quarter.

Transaction is expected to close at the end of 2024.