Brief: Westwood Acquires Salient Partner' Asset Management Business

Westwood Holdings

18/11/2022 23:14

Nov 18 (Reuters) - Westwood Holdings Group Inc  WHG.N :
    * WESTWOOD ACQUIRES SALIENT PARTNERS’ ASSET MANAGEMENT
BUSINESS
    * WESTWOOD HOLDINGS GROUP INC - ACQUIRED SALIENT'S ASSET
MANAGEMENT BUSINESS FOR AN UPFRONT PAYMENT OF $35 MILLION IN
CASH
    * WESTWOOD HOLDINGS GROUP INC- WILL FUND UPFRONT PAYMENT
USING
CASH ON HAND AND WILL MAINTAIN ITS DEBT-FREE BALANCE SHEET.
    * WESTWOOD HOLDINGS GROUP INC - TRANSACTION IS EXPECTED TO
RESULT
IN SIGNIFICANT ACCRETION TO ECONOMIC EARNINGS PER SHARE
    * WESTWOOD HOLDINGS GROUP INC - EXPECTS ECONOMIC EPS
ACCRETION OF
APPROXIMATELY 100% IN 2023, FIRST FULL YEAR FOLLOWING
TRANSACTION CLOSING
    * WESTWOOD HOLDINGS GROUP- RELATED TO TRANSACTION, WESTWOOD
WILL
AWARD RESTRICTED STOCK GRANTS AGGREGATING $5 MILLION TO SIX
MEMBERS OF ENERGY INFRASTRUCTURE TEAM
    * WESTWOOD HOLDINGS GROUP INC- NEWLY ACQUIRED INVESTMENT
STRATEGIES WILL BE MARKETED UNDER WESTWOOD SALIENT AND WESTWOOD
BROADMARK NAMES
    * WESTWOOD HOLDINGS GROUP INC - WESTWOOD, SALIENT AND
BROADMARK
PORTFOLIO MANAGEMENT AND DISTRIBUTION TEAMS WILL REMAIN
UNCHANGED

Source text for Eikon:  ID:nGNXbV2PRQ 
Further company coverage:  WHG.N 
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