Amundi SA raised approximately €1.4 billion from the issuance of 33,585,093 new shares through a rights issue intended to help finance its €3.55 billion acquisition of Pioneer Global Asset Management SpA from UniCredit SpA.
The remainder of the acquisition price will be financed through a combination of about €1.5 billion of Amundi's existing resources and about €600 million in senior and subordinated debt. Completion of the acquisition is expected by the end of the second quarter.
The offering was more than 2x subscribed at the end of the subscription period March 31, with total demand amounting to about 70,099,352 shares. The new shares will begin trading on Euronext Paris on April 10 and will carry full dividend rights.
Following the offering, the company's share capital consists of 201,510,562 shares with a nominal value of €2.5 each, representing a total share capital of €503.8 billion. Crédit Agricole Group holds a roughly 70% stake in Amundi while the asset manager's employees have a 0.2% shareholding.
Amundi said the rights issue also makes it the biggest asset manager in Europe by market capitalization, which reached €11.3 billion as of April 4.