Corporate News Blog - MetLife Acquires Logan Circle Partners from Fortress Investment Group
LONDON, UK / ACCESSWIRE / July 11, 2017 / Pro-Trader Daily takes a look at the latest corporate events and news making the headlines for insurance major MetLife, Inc. (NYSE: MET), following which we have published a free report that can be viewed by signing up at http://protraderdaily.com/optin/?symbol=MET. The Company announced on July 07, 2017, that it has signed an agreement to acquire Logan Circle Partners, L.P. from Fortress Investment Group LLC (NYSE: FIG). Logan Circle Partners is the traditional fixed income asset management business of FIG. The all-cash deal is valued at approximately $250 million and will expand MetLife's Investment Management business. For immediate access to our complimentary reports, including today's coverage, register for free now at:
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Commenting on the acquisition, Steven A. Kandarian, Chairman, President and CEO, MetLife, Inc. said:
"This transaction is directly aligned with our enterprise strategy to deliver value by focusing on businesses with strong risk-adjusted internal rates of returns, low capital intensity, and sustainable cash flows. Logan Circle Partners will bring a talented team with a track record of outperformance and an established consultant distribution platform to our Investment Management business."
Jude T. Driscoll, Founder, CEO and Chief Investment Officer of Logan Circle Partners added:
"We are excited to join MetLife and believe our collective resources across the fixed income spectrum will enable us to enhance our best-in-class investment management and client service capabilities. Our team's core focus and objectives will remain unchanged - delivering returns through research-driven portfolios built on in-depth fundamental research."
Details of the transaction
As per terms of the agreement, MetLife will acquire 100% ownership stake in Logan Circle Partners from FIG. The transaction is expected to close in Q3 2017 and is subject to regulatory approvals and other closing conditions.
MetLife is confident that the current acquisition will not affect the Company's existing $3 billion share repurchase program. MetLife's share repurchase program is expected to be completed by end of FY17.
Benefits of the acquisition
The acquisition will be an addition to MetLife's Investment Management business and increase the total assets under management (AUM) to more than $560 billion. Out of this more than $140 billion AUM will be managed on behalf of third parties.
The acquisition will allow MetLife's Investment Management business to offer a wider range of investment solutions to its domestic and international clients.
The transaction will increase the MetLife's Investment Management business's reach in the consultation distribution market.
The acquisition will increase the scale of the Company's fixed income platform.
Both MetLife and Logan Circle Partners have a common focus on investment performance, client service, and risk management.
About Logan Circle Partners
Philadelphia, Pennsylvania-based Logan Circle Partners was founded in 2007 and is an institutionally focused asset management Company. It is a fundamental research-based investment manager providing institutional clients actively managed investment solutions across a broad spectrum of fixed income strategies. Fortress Investment Group (FIG) acquired Logan Circle Partners in April 2010 and since then it has become FIG's traditional asset management arm. As on March 31, 2017, Logan Circle Partners has $33.7 billion AUM by Strategy and more than 100 institutional clients.
About Fortress Investment Group (FIG)
FIG was founded in 1998 and is a leading, highly diversified global investment management firm. It offers a wide range of alternative and traditional investment strategies including private equity, credit, liquid markets and traditional asset management for institutional and private investors around the world. It has over $70.2 billion of AUM as of March 31, 2017.
About MetLife
New York-based MetLife was founded in 1868 and is one of the largest life insurance Companies in the world. It provides insurance, annuities, employee benefits, and asset management services to approximately 100 million customers and more than 90 of the top one hundred FORTUNE 500® Companies. MetLife's operations are spread over 50 countries through its subsidiaries and affiliates. It holds a leading market position in US, Japan, Latin America, Asia, Europe, and Middle-East.
Last Close Stock Review
On Monday, July 10, 2017, the stock closed the trading session at $56.05, slightly slipping 0.21% from its previous closing price of $56.17. A total volume of 4.26 million shares has exchanged hands. MetLife's stock price skyrocketed 8.65% in the last one month, 6.54% in the past three months, and 42.98% in the previous twelve months. Furthermore, since the start of the year, shares of the Company have gained 4.01%. The stock has a dividend yield of 2.85% and currently has a market cap of $60.32 billion.
At the closing bell, on Monday, July 10, 2017, Fortress Investment Group's stock marginally declined 0.12%, ending the trading session at $8.02. A total volume of 952.73 thousand shares have exchanged hands. The Company's stock price skyrocketed 0.63% in the last three months, 49.35% in the past six months, and 78.62% in the previous twelve months. Moreover, the stock soared 65.02% since the start of the year. The stock is trading at a PE ratio of 37.83 and has a dividend yield of 4.49%. The stock currently has a market cap of $3.11 billion.
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