Principal Financial Group, Inc. (NYSE:PFG) announced on April 18, 2011 that its subsidiary, global asset manager Principal Global Investors, LLC, has agreed to acquire majority stakes in London-based Finisterre Capital, LLP and Finisterre Holdings Limited for up to $115 million.
On April 18, 2011, Principal Financial Group, Inc. (NYSE:PFG) announced that its wholly-owned subsidiary, Principal Global Investors, LLC, entered into a definitive agreement to acquire a 51% stake in Finisterre Capital LLP and Finisterre Holdings Limited (together Finisterre Capital), an emerging markets specialist based in London. The total purchase price consists of an initial payment of $84.6 million and a contingent payment of up to $30 million in 2013 dependent upon the achievement of performance targets. Principal Global is a Des Moines, Iowa-based asset manager with approximately $232.4 billion in assets under management. Finisterre Capital manages approximately $1.63 billion in assets under management and invests in emerging markets. Subject to regulatory approvals, the transaction is expected to close in the third quarter of 2011.
To read the complete story, please click here.