CIBC To Pay JPMorgan $848M For Piece Of Asset Manager

Law360, New York (July 15, 2011, 5:15 PM EDT) -- Canadian Imperial Bank of Commerce announced Friday that it had agreed to buy a 41 percent stake in Missouri-based asset management company American Century Investments from JPMorgan Chase & Co. for $848 million in cash.

The purchase will boost the bank's presence in the U.S. and immediately add to earnings, CIBC said in a statement. American Century currently manages assets valued at $112 billion. The bank, the fifth-largest in Canada, expects the investment to generate 15 Canadian cents per share to its fiscal 2012 earnings....
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