Morgan Stanley says it's buying fund manager Eaton Vance for $7 billion
Morgan Stanley MS, +2.03% said Thursday it has agreed to acquire asset manager Eaton Vance Corp. EV, +1.94% in a cash-and-stock deal with an equity value of about $7 billion. The deal will boost Morgan Stanley Investment Management to a firm with about $1.2 trillion of assets under management and more than $5 billion in combined revenue."Eaton Vance is a perfect fit for Morgan Stanley," said James P.
Gorman, chief executive of Morgan Stanley. Under the terms of the deal, Eaton Vance shareholders will receive $28.25 per share in cash and 0.5833x of Morgan Stanley common stock, for a total consideration of $56.50 per share. The deal is expected to close in the second quarter of 2021, to be breakeven for per-share earnings immediately and marginally accretive over time. Eaton Vance shares soared 44% premarket on the news, while Morgan Stanley stock fell 0.7%.
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