Aberdeen Asset Management has reached an agreement to acquire 100 per cent of the share capital of Artio Global Investors, a publicly-listed asset management holding company.
The purchase consideration of approximately $175m (around £112m) is based on a price of $2.75 per share and represents a premium of $34m (£22m) over Artio's unaudited net asset value at December 31st.
Artio is debt-free and had a net asset value of $141m (£90m) and cash and seed investments of $136m (£87m) on its balance sheet at the end of 2012.
MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
A financial update from Aberdeen Asset Management reported that the purchase price would be payable in cash, financed out of Aberdeen's existing cash resources, on completion of the transaction.
The acquisition is expected to expand Aberdeen's North American business, deepen its distribution network in the region and add to its existing fixed income capabilities.
As of December 31st, Artio managed assets of approximately $14.3bn (£9.2bn) on behalf of a diversified retail and institutional client base.
MF
-
Could your family be at risk of an unexpected tax bill? How to keep your loved ones in the loopMany families are out of the loop when it comes to planning the financial aspects of both retirement and inheritance
-
Rightmove: Glut of homes for sale in southern England drives asking price dropAsking prices are 0.1% lower than a year ago, according to the property website, driven by challenges in affordability-stretched London and the south
