04:31 AM EDT, 07/09/2024 (MT Newswires) -- Victory Capital Holdings ( VCTR ) has finalized a 15-year distribution agreement with Amundi.

Financial terms of the deal were not disclosed.

Under the terms of the agreement, Amundi's US business will become part of Victory Capital ( VCTR ) and Amundi will become a shareholder of Victory Capital ( VCTR ). Victory Capital ( VCTR ) will supply US-manufactured asset management products for Amundi to distribute outside of the US. Meanwhile, Victory Capital ( VCTR ) will distribute Amundi's non-US products in the US.

Victory Capital ( VCTR ) Chief Executive David Brown said the company expects the deal will "achieve low-double-digit" earnings per share accretion within a year and reduce annual costs by $100 million. He added that the deal "accelerates the globalization" of the company.