NEW YORK (AFX) - Billionaire financier Wilbur L. Ross Jr. agreed Sunday to sell the investment company he founded six years ago to British investment company AMVESCAP PLC.
WL Ross & Co. LLC will take over the private equity business of Invesco Private Capital, with Ross managing those investments.
The deal is valued at as much as $375 million, with an initial payment of $100 million and five additional annual cash payments as much as $55 million based on earnings.
'Wilbur Ross is the recognized leader in financial restructuring, and we are very excited that such a distinguished investor and his experienced team are joining AMVESCAP,' Martin L. Flanagan, AMVESCAP's president and CEO, said in a statement.
Ross now manages about $3.5 billion in assets.
Ross made a fortune in recent years buying up assets of numerous troubled steel companies and slashing costs before selling them to others. His largest such deal was in selling his International Steel Group Inc. -- a conglomeration of steel assets from LTV Corp., Bethlehem Steel Corp. and others -- to Mittal Steel Co. last year for $4.5 billion.
He also played an integral role in Mittal's recent deal to acquire Arcelor SA.
Ross also has made several large investments in coal, textiles, auto parts suppliers and financial services companies.
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