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News > Deals
Invesco to take AIM
November 4, 1996: 8:14 a.m. ET

Mutual fund companies reach $1.6 billion takeover deal
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NEW YORK (CNNfn) - In the largest takeover of a U.S. mutual fund company by an overseas firm, Britain's Invesco PLC on Monday said it will acquire Houston-based AIM Management Group Inc. for $1.6 billion in stock and cash.
     Ending weeks of speculation that a merger was forthcoming, Invesco agreed to pay $1.1 billion in stock and $500 million in cash for control of closely held AIM. The merged company, to be called Amvesco, will manage about $150 billion.
     AIM currently manages about $58 billion and is the 11th largest U.S. fund company. Invesco manages $91 billion and has long sought to strengthen its contingent of international and sector funds.
     AIM operates 33 funds sold through brokers. The company is known for its aggressive bets on growth stocks and has performed exceedingly well in the ongoing bull market. It reported sales of more than $15 billion in the year ending June 30.
     Under terms of the agreement, Invesco Chairman Charles Brady will become chairman of the combined company. AIM's chairman, Charles Bauer, is expected to serve as vice chairman after the merger. Back to top

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Market indexes are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer LIBOR Warning: Neither BBA Enterprises Limited, nor the BBA LIBOR Contributor Banks, nor Reuters, can be held liable for any irregularity or inaccuracy of BBA LIBOR. Disclaimer. Morningstar: © 2014 Morningstar, Inc. All Rights Reserved. Disclaimer The Dow Jones IndexesSM are proprietary to and distributed by Dow Jones & Company, Inc. and have been licensed for use. All content of the Dow Jones IndexesSM © 2014 is proprietary to Dow Jones & Company, Inc. Chicago Mercantile Association. The market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. FactSet Research Systems Inc. 2014. All rights reserved. Most stock quote data provided by BATS.