Fisher Sells Stake of Up to $3 Billion to Advent, Abu Dhabi Fund - Bloomberg
Private equity firm Advent International and a unit of the Abu Dhabi Investment Authority are buying a minority stake in billionaire Ken Fisher’s Fisher Investments worth as much as $3 billion.
The transaction, in which the acquirers will invest at least $2.5 billion, values closely held Fisher at $12.75 billion, the money-management firm said Sunday in a statement. The deal is part of Ken Fisher’s estate planning, according to the company, and will let Fisher Investments continue to operate independently.
“While my health is excellent, this transaction with an atypically long holding period for a private equity transaction will ensure FI’s long-term private independence and culture should anything untoward happen to me,” Fisher, 73, said in the statement.
Bloomberg News and the Journal reported in January that Advent had held talks to acquire Fisher, both citing people with knowledge of the matter. At that time, Fisher issued a statement saying, “Fisher Investments is not being bought by Advent International, or anyone else — plain and simple.” Advent issued a similar denial of the January reports.
No comments:
Post a Comment