AMVESCAP PLC (AVZ) Buys WL Ross & Co. LLC

July 24, 2006 7:12 AM EDT

AMVESCAP PLC (NYSE: AVZ) signed a definitive agreement to acquire WL Ross & Co. LLC, one of the investment industry's leading financial restructuring groups and currently manages more than $3.5 billion in assets for institutional investors in the U.S., Europe and Asia. The initial purchase price for the business is $100 million, to be paid upon closing of the transaction; in addition, the agreement calls for five annual earn-out cash payments, each capped at $55 million.

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