Aberdeen Asset Management PLC, based in Philadelphia, has acquired Artio Global Investors Inc., a U.S. publicly listed asset manager, effective as of the close of business Tuesday, Aberdeen announced Wednesday.

Aberdeen paid $179.7 million, based on a price of $2.75 per share. The price represents a premium of $46.3 million over Artio’s unaudited net asset value as of March 31. Artio has $10.6 billion in assets under management.

The acquisition expands Aberdeen’s U.S. business, deepens its distribution network in the region and adds to its existing fixed-income capabilities, Aberdeen says. The Artio funds will be relabeled as Aberdeen funds.

Aberdeen is an independent asset management group, with market capitalization of $8.5 billion that has offices in 23 countries in Europe, Asia and the Americas. Aberdeen has $322 billion in assets under management for institutional and private investors.