T. Rowe Price to buy alternative investment firm Oak Hill in $4.2 bln deal

Oct 28 (Reuters) - Asset management firm T Rowe Price on Thursday agreed to buy fund manager Oak Hill Advisors in a $4.2 billion deal as it looks to expand its footprint in the alternative investments market.

The cash-and-stock deal could trigger more M&A activity in the asset management space, with potential tie-ups between other mutual fund managers and private equity firms.

As of July-end, New York-based OHA manages $53 billion of capital across its asset classes. Since January last year, it has raised $19.4 billion of capital.

The deal will be financed through 74% of cash and the rest in T Rowe's common stock. The company will pay an additional $900 million if certain business milestones are achieved in the beginning of 2025, it said.

Evercore was the financial adviser to T Rowe Price, while J.P. Morgan Securities and M. Klein & Company advised OHA.

Reporting by Niket Nishant in Bengaluru; Editing by Shailesh Kuber Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

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