RBC Scoops Up UK's BlueBay In $1.5B Deal

Law360, New York (October 18, 2010, 12:49 PM EDT) -- As part of its ongoing efforts to boost the geographic footprint of its wealth management business, Royal Bank of Canada has reached an agreement to acquire London-based BlueBay Asset Management PLC in a deal valued at approximately $1.54 billion.

Under the terms of the tie-up announced Monday, BlueBay shareholders will be entitled to receive 485 pence ($7.71) in cash for each BlueBay share, representing a premium of 29 percent to Friday's closing price, the companies said.

The deal follows RBC's September announcement that it was working...
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