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CORRECTED-UPDATE 1-Japan's Nomura to buy stake in American Century for $1 bln

Published 2015-12-21, 09:39 a/m
© Reuters. CORRECTED-UPDATE 1-Japan's Nomura to buy stake in American Century for $1 bln

(Corrects Reuters Instrument Code to 8604.T from 9716.T in
the first paragraph)
Dec 21 (Reuters) - Nomura Holdings Inc 8604.T , Japan's
biggest brokerage, said it would buy a 41 percent stake in
privately held investment management firm American Century
Investments for about $1 billion from Canadian Imperial Bank of
Commerce CM.TO .
The deal, Nomura's biggest overseas buy since it bought
stocks trading platform Instinet Inc in 2007, is expected to add
to its U.S. asset management capabilities, and give the company
a 10.1 percent voting interest in American Century.
Nomura had said late November that it would invest further
in its Americas operations over the next two to three years,
seeking to strengthen its M&A advisory and primary equity and
debt businesses in the region.
CIBC had acquired a 41 percent equity interest in Kansas
City, Missouri-based money manager American Century in August
2011 for $848 million in cash.
Upon closing of the transaction, expected in the first half
of 2016, Nomura will name two representatives to American
Century's 11-person board of directors.
The news was first reported by Bloomberg earlier on Monday.

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