Opérations et transactions|15 juillet 2011
CIBC announces US$848 million investment in American Century Investments
Torys acted as Canadian tax and regulatory counsel to CIBC with a team that included Blair Keefe, John Unger and Eli Monas.
On July 15, 2011, Canadian Imperial Bank of Commerce (TSX, NYSE: CM) (CIBC) announced that it will acquire a 41% equity interest in American Century Investments, a major U.S. asset management company with US$112 billion under management. The 100% cash transaction worth US$848 million will be immediately accretive and CIBC's share of American Century earnings is expected to contribute approximately 15 cents per share of earnings in 2012 on a cash basis.
CIBC is purchasing the minority interest held by JP Morgan Chase & Co. pursuant to a shareholder agreement using a pre-determined valuation methodology conducted by an independent third party. CIBC will hold 10.1% of American Century Investments' voting rights and have two representatives on its 10-person board.
CIBC, headquartered in Toronto, is a leading Canadian-based global financial institution.
American Century Investments, headquartered in Kansas City, is a leading, privately-controlled asset management firm, serving financial intermediaries, institutions and individuals. Further information is found on the websites of Canada News Wire and The Toronto Star.
CIBC is purchasing the minority interest held by JP Morgan Chase & Co. pursuant to a shareholder agreement using a pre-determined valuation methodology conducted by an independent third party. CIBC will hold 10.1% of American Century Investments' voting rights and have two representatives on its 10-person board.
CIBC, headquartered in Toronto, is a leading Canadian-based global financial institution.
American Century Investments, headquartered in Kansas City, is a leading, privately-controlled asset management firm, serving financial intermediaries, institutions and individuals. Further information is found on the websites of Canada News Wire and The Toronto Star.