April 13, 2018 / 8:07 AM / in 10 days

BRIEF-Federated Investors To Buy Majority Interest In ESG Manager Hermes Investment Management From BT Pension Scheme

April 13 (Reuters) - Federated Investors, Inc.:

* FEDERATED INVESTORS, INC. TO ACQUIRE MAJORITY INTEREST IN LONDON-BASED INTEGRATED ESG MANAGER HERMES INVESTMENT MANAGEMENT FROM BT PENSION SCHEME

* UPON CLOSING, FEDERATED WILL PAY £246 MILLION (APPROXIMATELY $350 MILLION) TO BTPS FOR A 60 PERCENT INTEREST IN HERMES

* AGREEMENT HAS BEEN APPROVED BY BOARDS OF FEDERATED AND BTPS

* BTPS WILL RETAIN A 29.5 PERCENT SHARE IN HERMES AND WILL CONTINUE TO INVEST IN HERMES’ STRATEGIES AS A CLIENT

* FEDERATED WILL FUND TRANSACTION THROUGH A COMBINATION OF CASH AND AN EXISTING REVOLVING CREDIT FACILITY

* COMBINED ORGANIZATION WOULD HAVE ABOUT $442.2 BILLION (£327.6 BILLION) IN ASSETS UNDER MANAGEMENT

* CERTAIN MEMBERS OF HERMES’ MANAGEMENT WILL HOLD AN AGGREGATE 10.5 PERCENT INTEREST IN HERMES Source text for Eikon: Further company coverage:

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