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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| PNC Financial Services Group Inc | NYSE:PNC | NYSE | Common Stock |
| Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|
| 1.72 | 1.12% | 155.70 | 156.09 | 153.93 | 155.81 | 1,172,876 | 01:00:00 |
From May 2019 to May 2024
By Michael Dabaie
Federated Investors Inc. (FII) said it would acquire certain components of PNC Capital Advisors LLC's investment-management business from PNC Financial Services Group (PNC).
Federated will pay PNC an estimated total purchase price of $52 million when the transaction is completed, which is expected in the fourth quarter.
The proposed transaction includes the reorganization of PNC's liquidity, equity and fixed-income mutual funds into corresponding Federated mutual funds, the acquisition of a portion of PNC's separate account and separately managed account business, and the transition of a six-person international equity management team from PNC to Federated.
The deal includes about $9 billion in liquidity assets, $4.2 billion in equity assets and $700 million in fixed-income assets.
Write to Michael Dabaie at michael.dabaie@wsj.com
(END) Dow Jones Newswires
May 07, 2019 08:32 ET (12:32 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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