Principal Global to Acquire Majority Stake in Finisterre Capital

April 25, 2011

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.

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Categories

Hedge Fund M&A, Investment Manager M&A, Transactions