Invesco, a division of Anglo-US fund manager Amvescap, has agreed to purchase a 70% interest in Taiwanese investment management company Grand Pacific from a consortium of Taiwan's Koos Group.
Invesco will pay NT$70 per share in cash, valuing the company at approximately $115m. The company has extended the offer to the remaining shareholders, and the transaction is expected to be completed in the third quarter.
“The acquisition of Grand Pacific strengthens our presence in Taiwan by broadening our ability to participate in the local market,” said Michael Benson, vice chairman of Amvescap and CEO of Invesco Global.
The Koos Group will continue to support Grand Pacific through various existing relationships and will continue to build on its relationship with Invesco.
Hwa Dong Liang, head of Invesco operations in Taiwan said: “Taiwan is an important market for Invesco with a large and affluent middle class, a high savings rate and as yet low mutual fund penetration.
This transaction provides us with a solid platform to capture this potential by combining the international resources and experience of Invesco with the local reach and market knowledge of the Grand Pacific team.”
Salomon Smith Barney acted as financial advisor to Amvescap in this transaction. By Janet Du Chenne
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