Commerzbank agrees to sell Jupiter to its management and TA Associates
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The deal, which is subject to regulatory approval, is due for completion by July 2007 and for a minimum sale price of 740m, netting the German owners a capital gain of approximately 300m Euros.
Jupiter's joint group chief executive Edward Bonham Carter says: " Partnering with TA Associates, who have considerable experience in the asset management
sector, now creates the right structure for the next stage of our growth.
Jupiter's senior management has committed significant personal assets to
take joint ownership of the business with TA, with employees also
participating in equity ownership. This creates an unparalleled degree of
certainty for our clients during the coming years as we seek to extend our
share of existing, and new, markets."
TA Associates managing director Michael A.R. Wilson says: "We have
known the Jupiter team for several years and have long admired the company
as one of the most successful fund management groups in the UK. This is TA's
tenth investment in the global asset management sector and we are delighted
to be backing Edward and his team to build further value in Jupiter."
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