Aberdeen Asset to buy Artio Global for about $175 mln
Feb 14 (Reuters) - Britain's Aberdeen Asset Management PLC said it would buy New York-based asset management firm Artio Global Investors Inc for about $175 million in cash to expand its North American distribution network.
The purchase price of $2.75 per share represents a premium of about 34 percent on Artio's closing price on Wednesday on the New York Stock Exchange.
As of Dec. 31, Artio managed assets of about $14.3 billion on behalf of retail and institutional clients.
The deal is expected to be earnings enhancing from the outset, Aberdeen said.
The transaction is expected to close by the end of the second quarter or early in the third quarter of 2013, the company said in a statement.
"The integration of Artio's operations will strengthen further our U.S. fixed income expertise, in particular the addition of U.S. total return and global high yield products," Martin Gilbert, chief executive of Aberdeen said.
J.P Morgan is acting as financial adviser to Aberdeen.