Dec 2 (Reuters) - Australia's Macquarie Group MQG.AX said on Wednesday its asset management unit will buy investment management firm Waddell & Reed Financial Inc WDR.N for $1.7 billion in cash.
The offer price of $25 per share represents a premium of 48% to Waddell & Reed's closing price on Dec. 1, the last trading day before the announcement of the deal, the companies said.