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Liberty to acquire SGAM
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August 13, 1998: 12:08 p.m. ET
Financial company to pay $216M for Societe Generale Asset Management
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NEW YORK (CNNfn) - Liberty Financial Cos. said Thursday it has agreed to acquire New York-based investment firm Societe Generale Asset Management Corp. (SGAM) for $216 million.
Liberty said SGAM, which currently is owned by French bank Societe Generale and SGAM's Principal Portfolio Manager Jean-Marie Eveillard, has approximately $5 billion in assets under management.
The deal calls for Liberty to pay SGAM approximately $207.4 million cash, with the remaining equity to consist of newly issued shares of Liberty common stock.
SGAM will become an operating subsidiary of Boston-based Liberty Financial. Both companies' boards have approved the transaction, which they expect to be completed in the fourth quarter.
Liberty (L) shares fell 5/16 to 33 in late-morning trading. 
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