December 12, 2016 / 6:57 AM / 9 months ago

France's Amundi to buy Pioneer from UniCredit for 3.55 bln euros

PARIS, Dec 12 (Reuters) - French fund management company Amundi is to buy asset manager Pioneer from Italian bank UniCredit for 3.55 billion euros ($3.75 billion), and will finance the deal with a debt and equity issue.

The deal is one of various disposals being pursued by newly-appointed UniCredit Chief Executive Jean-Pierre Mustier to boost capital levels at the Italian lender, slim it down and make it easier to manage.

Amundi, which is majority owned by French bank Credit Agricole, said the Pioneer deal would result in cost-savings and would boost Amundi’s earnings.

$1 = 0.9467 euros Reporting by Sudip Kar-Gupta; Editing by Leigh Thomas

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