City of London Investment to Buy Karpus Management

Posted on 06/10/2020

City of London Investment Group PLC (CLIG) signed a deal to buy Karpus Management, Inc. City of London Investment Group is buying the entire share capital of Karpus Management, on a debt-free basis, for consideration in the form of up to 24,118,400 newly issued ordinary shares in the capital of CLIG, subject to adjustment (which aggregate share amount equates to US$ 99.7 million based on the share price on June 8, 2020). The purchase will be structured as a merger of a wholly-owned subsidiary of CLIG into Karpus Management, Inc., with the latter becoming a wholly-owned subsidiary of CLIG as a result of the merger.

City of London Investment Group PLC is the parent of City of London Investment Management Company Limited, a global fund manager. Karpus Management, Inc. is a US SEC-registered investment management business, with its principal place of business in Pittsford, New York. Karpus Management was founded by George Karpus in 1986, growing the business to approximately US$ 3.5 billion in funds under management as of May 31, 2020.

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