Invesco's Purchase of OppenheimerFunds Overshadows 3Q Results; Under Review
We are placing narrow-moat-rated Invesco under review while we assess the impact of the OppenheimerFunds acquisition. Not only did the rumors about a deal pan out, but the price tag of $5.7 billion was even higher than the early estimates. The purchase is also being paid for entirely with stock--89.1 million shares of Invesco common stock (worth $1.7 billion) and $4 billion worth of preferred stock with a 5.9% coupon--as opposed to cash or debt. Given where the shares are trading right now (less...
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