10/8/2020, 4:19 PM (Source: TeleTrader)
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Morgan Stanley to acquire Eaton Vance for $7B

Morgan Stanley announced on Thursday that it struck a deal worth approximately $7 billion to acquire investment management firm Eaton Vance Corp.

Eaton Vance stockholders will get $28.25 per share in cash and 0.5833x of Morgan Stanley common shares, translating to around $56.50 per share and indicating that the aggregate consideration paid to owners of Eaton Vance shares would include 50% in cash and 50% in Morgan Stanley common stock. With the transaction expected to be finalized in the second quarter of 2021, the value of Morgan Stanley Investment Management's (MSIM) assets under management (AUM) will rise to $1.2 trillion with more than $5 billion of combined revenues, the company said.

"With the addition of Eaton Vance, Morgan Stanley will oversee $4.4 trillion of client assets and AUM across its Wealth Management and Investment Management segments," Morgan Stanley's Chairman and CEO James Gorman noted in a statement.

Breaking the News / MS