T. Rowe Price Group has completed its planned acquisition of New York-based Oak Hill Advisors for $4.2 billion, making its first big expansion into private markets as it looks to grow beyond its better-known mutual fund retirement business.
The Baltimore-based money management firm said Wednesday it acquired 100% of the equity of Oak Hill, an alternative credit manager with $53 billion of capital under management and more than 300 employees worldwide. The deal, announced in October, is T. Rowe’s largest-ever acquisition.
T. Rowe had said it would pay $3.3 billion at closing, including about three-quarters in cash and a quarter in T. Rowe Price common stock, then up to an additional $900 million in cash after achieving certain business milestones starting in 2025.
Read more/Source: Yahoo News
