Deal Snapshot
FEDERATED INVESTORS TO ACQUIRE MAJORITY INTEREST IN UK INTEGRATED ESG MANAGER HERMES INVESTMENT MANAGEMENT FROM BT PENSION SCHEME
Monday 16 April 2018

US-based investment manager Federated Investors, Inc. (NYSE: FII) has agreed to acquire a majority interest in UK-based ESG investment specialist Hermes Fund Managers Ltd., which operates Hermes Investment Management, from UK-based pension scheme BT Pension Scheme, the company said.
Upon closing, Federated will pay GBP 246m (approximately USD 350m) to BTPS for a 60% interest in Hermes. Federated will fund the transaction through a combination of cash and an existing revolving credit facility. BTPS will retain a 29.5 % share in Hermes and will continue to invest in Hermes' strategies as a client. Certain members of Hermes' management will hold an aggregate 10.5% interest in Hermes.


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Details
Date Published: 16/04/2018
Target: Hermes Fund Managers/ Hermes Investment Management
Country: UK
Deal Size: 350m (USD)
Sector: Banking/Financial Services
Type: LBO
Financing: Cash
Status: Agreed
Vendor: BT Pension Scheme
Buyer: Federated Investors
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