US-based Aberdeen Asset Management has entered into an agreement to buy investment adviser Artio Global Investors, in a deal valued at nearly $175m.
The purchase price payable in cash is based on a price of $2.75 per share and represents a premium of $34m over Artio’s unaudited net asset value as at 31 December 2012.
The acquisition will strengthen the acquirer’s North American business, extend its distribution network in the region and add to its existing fixed income capabilities.
Further, it will provide established global high yield and US total return offerings; and offer access to Artio’s distribution channels with a deeper penetration of the US intermediary market, particularly the broker dealer and registered investment adviser segments.
Pending receipt of regulatory approvals and subject to customary closing conditions, the transaction is likely to complete by the end of the second quarter or early in the third quarter of 2013.
JP Morgan is acting as financial adviser and corporate broker to Aberdeen in connection with the transaction; while Willkie Farr & Gallagher is serving as the US legal advisor.
Headquartered in New York, Artio is debt-free and had net asset value of $141m and cash and seed investments of $136m on its balance sheet as at 31 December 2012.
Operating in more than 23 countries with over 2,000 staff, Aberdeen offers an array of wealth management services to its clients.