Law360, New York (September 30, 2009, 2:28 PM EDT) -- Ameriprise Financial Inc. announced Wednesday the acquisition of Columbia Management's long-term asset management business from Bank of America Corp. in an all-cash deal worth approximately $1 billion, a move aimed at boosting its distribution network and standing in the competitive asset management sector.
The actual purchase price will come somewhere between $900 million and $1.2 billion, with the total based on net asset flows at Columbia in the run-up to closing, which is expected in the spring of 2010.
The deal brings Boston-based Columbia Management's approximately...
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