Artisan Partners Asset Management (APAM) to Sell 1.11M Shares for Company and Holder
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Artisan Partners Asset Management Inc. (NYSE: APAM) is announcing today that it has agreed to sell 963,614 shares of the Company’s Class A common stock (representing approximately 1% of the firm’s outstanding equity) and a selling stockholder has agreed to sell 146,466 shares of the Company’s Class A common stock in an underwritten public offering, for an aggregate offering size of 1,110,080 shares of the Company’s Class A common stock.
The Company intends to use all of the net proceeds of the offering received by the Company to purchase 963,614 common units of Artisan Partners Holdings LP, the Company’s direct subsidiary, from certain limited partners, including employee-partners, of Artisan Partners Holdings LP. The completion of this transaction will increase the Company’s public float of Class A common stock by 963,614 shares. The Company will not receive any proceeds from the sale of shares of Class A common stock by the selling stockholder.
As of February 23, 2021, the Company’s assets under management totaled approximately $165.3 billion.
BofA Securities is acting as the underwriter for the offering.
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