Eaton Vance (EV) to Buy 49% Stake in Hexavest Inc.

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Eaton Vance Corp. (NYSE: EV) and Hexavest Inc. today announced that they have entered into a definitive agreement for Eaton Vance to acquire 49 percent of the stock of Hexavest in a cash transaction . Following the transaction, the employee shareholders of Hexavest will continue to control the company and direct its operations.

Upon completion of the transaction, Eaton Vance will assume primary responsibility for Hexavest's new business development outside of Canada. Eaton Vance also intends to launch a series of new mutual funds in the U.S. and offshore markets sub-advised by Hexavest.

Completion of the transaction is subject to certain customary closing conditions.

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