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- Guardian Capital Group, ticker symbol GCG.A, announced on Friday that its wholly-owned subsidiary, Guardian Capital LLC, will acquire Sterling Capital Management from Truist Financial (NYSE:TFC).
- The deal involves a payment of $70 million on closing for the acquisition of 100% of Sterling’s equity capital, subject to customary purchase price adjustments, and future earn-out incentives.
- Sterling currently manages approximately $76 billion in assets under management and advisement.
- Following the expected completion of the transaction in Q2 2024, Guardian intends to operate Sterling as a standalone entity, with the current management team at the helm.
- TFC showed a premarket increase of 0.19%, reaching $36.57.
- Source: Press Release
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