Feb 14 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.