Eaton Vance CorporationNYSE
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  • Fri, Oct. 21, 9:19 AM
    • Eaton Vance (NYSE:EV) will acquire the business assets of Calvert Investment Management, an indirect subsidiary of Ameritas Holding Company.
    • Calvert has ~$12.3B of fund and separate account assets under management as of September 30, 2016. As a responsible investor, Calvert seeks to invest in companies that provide positive leadership in their business operations and overall activities that are material to improving societal outcomes.
    • Because the transaction is structured as an asset purchase, liabilities in connection with Calvert's previously disclosed compliance matters and other pre-closing obligations will remain with the seller. Terms of the transaction are not being disclosed.
    • "The acquisition of Calvert provides significant potential benefits to Eaton Vance shareholders, both long-term and near-term," said Laurie G. Hylton, Vice President and Chief Financial Officer of Eaton Vance.  "Calvert is a leading brand in one of the most promising categories of investing, and we expect to help them achieve substantial growth over time.  Reflecting the current profitability of acquired operations and anticipated cost savings, we also expect the transaction to be immediately accretive."
    • Source: Press Release
    | Fri, Oct. 21, 9:19 AM