Macquarie Group to buy Waddell & Reed Financial for $1.7b

Macquarie Group to buy Waddell & Reed Financial for $1.7b

The logo of Australia's Macquarie Group Ltd adorns a desk in the reception area of their Sydney office headquarters in Australia. REUTERS/David Gray

Australia’s Macquarie Group said on Wednesday its asset management unit will buy investment management firm Waddell & Reed Financial Inc for $1.7 billion in cash.

The offer price of $25 per share represents a premium of 48% to Waddell & Reed’s closing price on Dec. 1, the last trading day before the announcement of the deal, the companies said.

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