Invesco Ltd. and Massachusetts Mutual Life Insurance Company announced on Tuesday the completion of Invesco's acquisition of OppenheimerFunds, a MassMutual asset management affiliate.
As a result, MassMutual is now a significant shareholder of Invesco, with an approximate 15.7 percent stake in the common stock of the combined firm, according to a news release. The deal was announced in October 2018.
This strategic transaction brings Invesco's total assets under management to $1.2 trillion, making it the sixth largest U.S. retail investment manager and the 13th largest global investment manager, the release said.
The release said the complementary investment and distribution capabilities of Invesco and OppenheimerFunds strengthen the combined organization's ability to provide more relevant investment outcomes to an expanded number of institutional and retail clients in the US and around the globe.
The transaction is expected to immediately boost Invesco's adjusted earnings per share, with 24 cents accretion for the seven months in 2019 and 58 cents accretion in 2020. Additionally, as part of an ongoing partnership between Invesco and MassMutual, the companies are exploring future strategic collaboration opportunities, the release said