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Affiliated Managers to use proceeds of $294 million to pay debt
By Mary-Katherine Stinson
Lexington, Ky., July 17 – Affiliated Managers Group, Inc. will use cash proceeds of approximately $294 million from a transaction between Pathstone Family Office, LLC and Veritable, LP to repay debt, according to a press release.
AMG entered an agreement with the two companies under which Pathstone will acquire 100% of the outstanding equity interests in Veritable. AMG will receive all of its transaction proceeds in cash at closing.
The transaction is expected to close in the second half of 2023, subject to customary closing conditions.
Affiliated Managers is a West Palm Beach, Fla.-based asset management company.
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