LONDON (dpa-AFX) - Responding to press speculation, Jupiter Fund Management plc (JUP.L) announced the proposed acquisition of Merian Global Investors Limited, an independent active asset management firm with more than £22 billion assets under management.
Jupiter said it will acquire the entire issued share capital of Merian for an upfront equity consideration of 370 million pounds to be paid through the issue of 95.36 million new Jupiter Shares to Merian shareholders, with an additional deferred earn-out of up to 20 million pounds payable to Key Merian Management Shareholders.
The completion of the acquisition is expected to occur in the second half of 2020, with the earliest expected completion date being 1 July 2020.
Merian shareholders will own about 17 percent of the enlarged share capital of Jupiter.
Key Merian Management Shareholders, who manage about 87 percent of total Merian AUM, will collectively own about 1 per cent of the enlarged share capital of Jupiter.
TA Associates Management will once again become a significant long-term shareholder of Jupiter with an approximate 16 per cent shareholding.
For so long as TA holds directly or indirectly in aggregate 10 per cent. or more of Jupiter's issued share capital, TA will be entitled to nominate a non-executive director to the Jupiter Board.
Copyright RTT News/dpa-AFX
© 2020 AFX News
