PARIS (Reuters) - Amundi, Europe's largest asset manager, said on Tuesday it had agreed to sell its U.S. business to Victory Capital in exchange for a 26% stake in the U.S. company.
Amundi said there was no cash payment involved in the deal.
"The proposed transaction with Victory Capital is a unique opportunity to strengthen our presence in the U.S., while becoming a strategic shareholder in a reputable U.S.-based asset management firm with an excellent track record of growth," said Amundi CEO Valerie Baudson.
Victory Capital has a market capitalisation of around $2.7 billion, and has $170 billion in total assets under management.
The deal will also see Amundi and Victory Capital form 15-year reciprocal distribution agreements.
(Reporting by Sudip Kar-Gupta; Editing by Inti Landauro and Mark Potter)