LONDON (ShareCast) - Swiss bank Credit Suisse has a 23.9% stake in fund manager Aberdeen Asset Management (LSE: ADN.L - news)
now that the latter’s acquisition of Credit Suisse’s fund management arm has completed.
Based on Aberdeen’s closing share price at the end of June the cost of the acquisition was £297.6m, versus estimates of a £250m price tag when the deal was first announced at the end of 2008. Final adjustments to the purchase price may be paid depending on performance in June and any revisions to the estimated net run-rate revenues from the acquired assets.
As at the end of May, the businesses acquired by Aberdeen had total assets under management (AUM) of £36.4bn.
“Since the announcement of this acquisition in December, we have worked well with Credit Suisse to ensure a smooth integration. The way our two businesses have come together has been very encouraging and confirms my belief that this transaction will be of great long-term benefit to our shareholders and also our existing and new clients,” said Martin Gilbert, chief executive of Aberdeen.
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