Seeking Alpha

AllianceBernstein to buy small investment manager

  • AB is paying $12 per share in cash for W.P. Stewart (WPSL.PK), plus the issuance of contingent value rights (CVRs) worth $4 per share should Stewart's AUM reach $5B before the 3rd anniversary of the deal's closing. Stewart currently has $2B in AUM (vs. AB's $444B).
  • The immediate cash portion of the deal is a 66% premium to this afternoon's close. The cash portion alone puts the deal's value at about $60M.
  • Source: Press release.
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