Scottish financial services firm Aberdeen Asset Management has acquired Artio Global Investors, a New York-based fund manager, for US$179.7 million in cash on 21 May 2013.
As at 17 May, Artio managed £7 billion worth of assets. Artio has net assets of US$112.4 million of cash and seed investments, with no borrowings, as of 31 March 2013.
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The Aberdeen Asset Management-Artio transaction was based on a price of US$2.75 per share and represents a premium of US$46.3 million over Artio’s unaudited net asset value as of 31 March 2013.
This deal aims to expand Aberdeen’s US business, and is expected to be completed by the third quarter of 2013.
Aberdeen Asset Management CEO, Martin Gilbert, said "This transaction is in line with Aberdeen’s strategy of undertaking infill acquisitions that will assist with growing our business organically.
"The integration of Artio’s operations will strengthen further our US fixed income expertise, in particular the addition of US total return and global high yield products, and will help to broaden and deepen our distribution network in the US."
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By GlobalDataThe deal is subject to approval by US regulatory authority and Artio shareholders.
