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EEM Sells $246M Stake To Ashmore

Ashmore Group will acquire a 62.9% stake in U.S investment management firm, Emerging Markets Management.

Ashmore Group will acquire a 62.9% stake in U.S investment management firm, Emerging Markets Management (EMM), The Wall Street Journal reports. The U.K. emerging markets investment manager will pay $246 million for the stake.

Ashmore will pay $96 million in cash and $29.9 million in new stock for the stake in the Virginia-based firm, while the rest will be paid under a three-year earn-out plan, adds Bloomberg. EMM had around $10.4 billion in assets under management as of end of last month.

Click here for the story from The Wall Street Journal.

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