Canadian Imperial Bank of Commerce (CIBC) will acquire a 41% stake in privately- held investment management firm American Century Investments from JP Morgan Chase. The Canadian bank will pay $848 million for the stake.
After the deal, the Toronto-based lender will hold 10.1% of American Century’s voting rights, along with two positions on its board. The transaction is expected to be completed in next two-to-three months.
Click here for the release from American Century.