CDC Asset Management, the fund management arm of Caisse des Depots et Consignations, France's largest state-owned financial institution, is buying Boston-headquartered Nvest for $40 (€42) per share.

The transaction, which values the US money manager at $2.2bn (€2.31bn), allows the Paris-based asset manager to expand into the US. The price includes $311m in funded debt and the 48% ownership of MetLife.