AMG Reaches Agreement to Sell Equity Interests in BlueMountain
Affiliated Managers Group, Inc. (AMG)
Last affiliated managers group, inc. earnings: 4/27 07:03 am
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Source: GlobeNewswire
AMG to receive $91 million in cash at closing, expected by year-end 2019Transaction will be immediately accretive to AMG’s earnings WEST PALM BEACH, Fla., Aug. 07, 2019 (GLOBE NEWSWIRE) -- Affiliated Managers Group, Inc. (NYSE: AMG) today announced that it has entered into an agreement with a subsidiary of Assured Guaranty Ltd. (NYSE: AGO) and BlueMountain Capital Management, LLC, under which AGO will purchase 100% of the outstanding equity interests in BlueMountain and its associated entities. AMG will receive $91 million in cash at closing, subject to certain limited adjustments. As part of the transaction, AGO will contribute cash to BlueMountain to fund its working capital needs and the repositioning of the firm. The transaction is expected to close by year-end 2019, subject to the satisfaction of customary closing conditions, and will be immediately accretive to AMG’s earnings. Jay C. Horgen, President and Chief Executive Officer of AMG, said: “We are pleased to have had a g
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