StockMarketWire.com - Aberdeen Asset Management has agreed to acquire Artio Global Investors Inc for approximately $175m.

This is based on a price of $2.75 per share and represents a premium of $34m over Artio's unaudited net asset value at 31 December.

Artio is debt-free and had net asset value of $141m and cash and seed investments of $136m on its balance sheet at 31 December.

The purchase price will be payable in cash, financed out of Aberdeen's existing cash resources.

Aberdeen says the acquisition will expand its North American business, deepen its distribution network in the region and add to its existing fixed income capabilities.

The transaction is consistent with Aberdeen's stated strategy to identify suitable, quality businesses to complement the Group's organic growth.


At 8:01am: [LON:ADN] Aberdeen Asset Management share price was +2.5p at 418.5p



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