On September 9, 2015, KKR & Co. L.P. announced that it had entered into an agreement to acquire a 24.9% interest in Seward & Kissel client Marshall Wace LLP for a combination of cash and common units.
Under the terms of the agreement, KKR & Co. L.P. will have the option to grow its ownership interest in Marshall Wace LLP (“Marshall Wace”) over time to 39.9%. Further, the existing management team of Wallace Mace will continue to manage its business independently and all capital partners have signed long-term agreements.
Marshall Wace was formed in 1997 and has over $22 billion of assets under management as of August 1, 2015, predominantly in equity long/short strategies.
The transaction is expected to close later this year and is subject to regulatory approvals and other customary closing conditions.
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