City of London Investment Group to Acquire Karpus Management

INVESTMENT MANAGEMENT DEALS BLOG

June 22, 2020

On June 9, 2020, Seward & Kissel client, City of London Investment Group PLC announced that it had entered into a merger agreement to acquire Karpus Management, Inc.

Pursuant to the merger agreement, City of London Investment Group PLC (“CLIG”) will acquire the issued share capital of Karpus Management, Inc. (“Karpus”). The consideration will consist of up to 24,118,400 CLIG ordinary shares (subject to adjustment), which equates to $99.7 million based on the share price of CLIG on June 8, 2020. The investment management teams at CLIG and Karpus will remain separate after the completion of the merger. A Seward & Kissel team led by partners Jim Abbott, Nick Katsanos, James Cofer, Kevin Neubauer, and Ted Horton, counsel Julia Spivack and Mike O’Brien, and associates Danielle Lemberg, Jaime Ma, Katherine Porter Bradley Fay, Jeffrey Greenhouse, Melissa Matchett, and Raven Wells-Scott is representing CLIG in connection with the transaction.

Karpus is a registered investment management business that focuses on providing services to high net worth clients. It is based on Pittsford, New York and had $3.5 billion in funds under management as of May 31, 2020.

CLIG is the parent company of City of London Investment Management Limited, which is an investment manager that specializes in closed-end fund investments. It had approximately $5 billion in funds under management as of May 31, 2020.

To read the press release: please click here.

The opinions expressed are those of the author(s) and do not necessarily reflect the views of the firm or its clients, or any of its or their respective affiliates. This article is for general information purposes and is not intended to be and should not be taken as legal advice.