Amundi has won the race to buy Sabadell Asset Management of Spain with a €430m cash deal to acquire the €21.8bn fund arm of the Spanish lender.
The acquisition marks another coup for Yves Perrier, the deal-hungry chief executive of Amundi, who has beaten rivals Allianz, the German insurer, and Candriam, which were also competing in the bidding for Sabadell Asset Management.
“The acquisition of Sabadell Asset Management will significantly reinforce Amundi’s position in Spain, a major savings market in Europe,” said Mr Perrier.
The Spanish lender and Paris-based asset manager have also announced a 10-year strategic partnership for the distribution of Amundi savings and investment products across Banco Sabadell’s network of 1,900 branches across Spain.
“This alliance will allow our customers to access new investment opportunities and a wider range of products,” said Josep Oliu, chairman of Banco Sabadell.
Sabadell Asset Management and Amundi’s existing Spanish operations will remain two separate legal entities.
The transaction is subject to regulatory approvals and is expected to close in the third quarter of 2020.