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Notable Mergers and Acquisitions of the Day 9/30: AMP/BAC, KFT/CBY, ORCL
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- Ameriprise Financial, Inc. (NYSE: AMP) announced a definitive agreement to acquire the long-term asset management business of Columbia Management from Bank of America (NYSE: BAC) for approximately $1 billion in cash. The transaction is expected to be accretive to Ameriprise Financial earnings and return on equity within one year, excluding one-time integration costs.
As of June 30, 2009, Boston-based Columbia managed approximately $93 billion in equity assets and $72 billion in fixed income assets. The cash business managed by Columbia is not included in the transaction.
“We were able to pursue this compelling opportunity in large part because of the
- Ameriprise Financial, Inc. (NYSE: AMP) announced a definitive agreement to acquire the long-term asset management business of Columbia Management from Bank of America (NYSE: BAC) for approximately $1 billion in cash. The transaction is expected to be accretive to Ameriprise Financial earnings and return on equity within one year, excluding one-time integration costs.
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