Morgan Stanley are buying the investment management company Eaton Vance in a deal which has been valued at $7bn.
The acquisition will give Stanley’s investment management arm approximately $1.2trn of assets, with under management and more than $5bn of combined revenues.
Morgan Stanley Chairman and CEO James P Gorman said in a statement that Eaton Vance will add more fee-based revenues.
Eaton Vance will give shareholders $28.25 per share in cash, and 0.5833 of Morgan Stanley common stock, which is around $56.50 per share.
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