ROME—Italian lender UniCredit SpA has agreed to sell its asset-management unit Pioneer Investments to France's Amundi SA, a person familiar with the matter said Sunday, in a deal valuing the company at more than €4 billion ($4.21 billion).

The person said that the sale would involve the payment of a special dividend to UniCredit in addition to the sale proceeds.

Last week, The Wall Street Journal reported that UniCredit could have sold Pioneer to Amundi for between €3.2 billion and €3.5 billion, according to another person familiar with talks. In addition, Pioneer would have paid UniCredit a special dividend of up to €800 million, as part of the deal.

UniCredit declined to comment. Amundi and French bank Credit Agricole SA, which owns a 75% stake in Amundi, couldn't immediately be reached for comment.

Pioneer's sale is part of a strategic plan UniCredit will unveil on Tuesday, aimed at bolstering its capital base.

Pioneer manages assets worth €225.8 billion across America, Europe, the Middle East and Asia, according to its website.

Mediobanca SpA is advising Amundi on the deal, while J.P. Morgan Chase & Co. and Morgan Stanley are advising UniCredit.

Write to Giovanni Legorano at giovanni.legorano@wsj.com

(END) Dow Jones Newswires

December 11, 2016 20:05 ET (01:05 GMT)

Copyright (c) 2016 Dow Jones & Company, Inc.
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