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BRIEF-Brightsphere Investment Group Announces Agreement To Sell Affiliate, Thompson, Siegel And Walmsley

Published 10/05/2021, 08:30 am
Updated 10/05/2021, 08:36 am
© Reuters.

May 9 (Reuters) - Brightsphere Investment Group Inc BSIG.N :

* PRESS RELEASE - BRIGHTSPHERE INVESTMENT GROUP INC. ANNOUNCES AGREEMENT TO SELL AFFILIATE, THOMPSON, SIEGEL AND WALMSLEY LLC

* BRIGHTSPHERE INVESTMENT- CO TO RECEIVE $254 MILLION IN CASH FOR ITS 75.1% OWNERSHIP INTEREST IN TSW AND ITS SEED CAPITAL INVESTMENTS IN TSW'S STRATEGIES

* BRIGHTSPHERE INVESTMENT - CO, MANAGEMENT TEAM OF THOMPSON, SIEGEL AND WALMSLEY ENTERED AGREEMENT TO SELL 100% OF EQUITY INTERESTS IN TSW TO PENDAL

* TOTAL EXPECTED AFTER-TAX PROCEEDS TO BRIGHTSPHERE OF APPROXIMATELY $196 MILLION

* BRIGHTSPHERE INVESTMENT- PENDAL WILL ADDITIONALLY BUY 24.9% OWNERSHIP INTEREST IN TSW HELD BY TSW MANAGEMENT TEAM

* BRIGHTSPHERE INVESTMENT GROUP - TRANSACTION IS ANTICIPATED TO CLOSE IN Q3 OF 2021

* PENDAL HAS AGREED TO ACQUIRE BRIGHTSPHERE'S SEED CAPITAL IN TSW STRATEGIES

* MORGAN STANLEY & CO. LLC ACTED AS FINANCIAL ADVISOR TO BRIGHTSPHERE

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