CIBC to acquire Atlantic Trust Private Wealth Management for $210M

CIBC (CM) announced that it has entered into a definitive agreement to acquire Atlantic Trust Private Wealth Management from its parent company, Invesco (IVZ). Atlantic Trust manages approximately $20B in assets on behalf of its clients through 12 metropolitan locations across the United States. CIBC will acquire Atlantic Trust for $210M, in an all-cash transaction that is expected to close in 2H, and will be accretive to adjusted EPS in FY14.