MassMutual Sells OppenheimerFunds To Invesco
Massachusetts Mutual Life Insurance Company announced Thursday that Invesco will acquire OppenheimerFunds, an asset management affiliate of MassMutual.
Invesco will pay about $5.7 billion as part of the agreement, including $4 billion of preferred shares and 81.9 million of common stock. The deal will bring Invesco's total assets under management to more than $1.2 trillion, making it the sixth-largest investment manager in the United States.
"This is a compelling, highly strategic and accretive transaction for Invesco that will help us achieve a number of objectives: enhance our leadership in the US and global markets, deliver the outcomes clients seek, broaden our relevance among top clients, deliver strong financial results and continue attracting the best talent in the industry," Martin L. Flanagan, president and CEO of Invesco, said.
MassMutual is expected to own an approximate 15.5% stake in the common equity of Invesco, becoming the company's largest shareholder.
"MassMutual is excited for the next chapter in our successful asset management strategy," said MassMutual Chairman, President and CEO Roger W. Crandall said. "This strategic combination positions us well to continue to benefit from a strong, diversified global asset management business, which will further strengthen our financial position and support our ability to invest in the long term, provide increased value to our policyowners and customers, and help us deliver on our purpose to help people secure their future and protect the ones they love."
The transaction is expected to close in the second quarter of 2019.
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