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Invesco to Buy OppenheimerFunds

We see both firms as having similar strengths but no decisions have been made about integrating the families' fund lineups.

Invesco and MassMutual Life Insurance Company announced today that they have entered into an agreement for Invesco to buy OppenheimerFunds, the advisor to the Oppenheimer family of mutual funds, from MassMutual. MassMutual and the employee shareholders of OppenheimerFunds will receive a combination of common and preferred stock worth about $5.7 billion, and MassMutual will become Invesco’s largest shareholder, with a roughly 15.5% stake. In addition, MassMutual will have representation on Invesco’s board of directors; MassMutual says it will nominate William F. Glavin Jr., former CEO of OppenheimerFunds and currently an independent board member there, as its representative.

The firms said they expect that the transaction will close in the second quarter of 2019, pending approvals from regulators and other parties.

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