NEW YORK/LONDON/MILAN (Reuters) – Assicuracioni Generali SpA has approached Brightsphere Investment Group Inc about a possible acquisition of the U.S. asset management firm, people familiar with the matter said on Friday.

A deal would expand the U.S. footprint of Italy’s top insurer while enabling Brightsphere’s largest shareholder, hedge fund Paulson & Co, to cash out.

There is no certainty that Generali will be able to meet Paulson’s valuation expectations for Brightsphere, the sources said. However, if the companies can negotiate a deal, the acquisition would not face any significant antitrust hurdles, one of the sources added.

The sources requested anonymity because the matter is confidential. Generali, Brightsphere and Paulson did not immediately respond to requests for comment.

(Reporting by David French in New York, Pamela Barbaglia in London and Stephen Jewkes in Milan; Additional reporting by Stephen Jewkes in Milan and Svea Herbst-Bayliss in Boston; Editing by Richard Chang)