Abacus Life soars on $200 mln deal to buy Carlisle Management

Abacus Global Management

19/07/2024 16:48

** Shares of alternative asset manager Abacus Life  ABL.O 
jump as much as 21.1%; last up 15.5% at $9.68
    ** ABL said on Thursday it has agreed to buy
Luxembourg-based fund manager Carlisle Management for about $200
mln
    ** Carlisle shareholders will get 9.30 mln ABL common shares
and bonds worth $73.50 mln
    ** The deal will add up to $2 bln in assets under management
for ABL
    ** Carlisle, which functions within the life settlement
industry, will be integrated with ABL's wealth division that
provides investors access to insurance products
    ** ABL is a buyer of life insurance policies and specializes
in specialty insurance products
    ** Including session's moves, ABL shares up 3.1% YTD

 (Reporting by Arasu Kannagi Basil in Bengaluru)
 ((ArasuKannagi.Basil@thomsonreuters.com;))