Affiliated Managers Group, Inc. (AMG) said it agreed to buy a majority equity interest in Yacktman Asset Management Co. The terms of the transaction were not disclosed.
After the closing of the transaction, the management partners of Yacktman will continue to hold a substantial portion of the equity of the business and direct its day-to-day operations.
As part of the transaction, all of Yacktman's senior professionals have agreed to long-term commitments with the firm. In addition, the Yacktman funds will become part of the Managers family of funds.
by RTT Staff Writer
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