We are pleased to announce
that AMVESCAP PLC, a leading global investment manager, has
entered into a definitive agreement to acquire PowerShares
Capital Management LLC, an FTVentures portfolio company, for
an initial purchase price of $60 million, payable at closing,
and contingent payments of up to an additional $670 million.
FTVentures is the
sole institutional investor in the company.
PowerShares,
based in Wheaton, IL, currently manages a
family of 36 different exchange traded funds (ETFs). Since
FTVentures'
investment in the company in January 2005, assets under
management have grown 1000% to $3.5 billion. PowerShares
product offering is differentiated from others in the
marketplace because its ETFs are based on intelligent
investment indexes which seek to select stocks with the
greatest investment merit within a specified universe, rather
than market-weighted benchmark indexes which typically do not
regard the investment value of the underlying securities.
AMVESCAP
operates under the AIM, AIM Trimark, INVESCO, INVESCO
PERPETUAL and Atlantic Trust brands. The company offers
extensive institutional and retail distribution capabilities
providing PowerShares with a tremendous opportunity for
continued growth.
This
transaction, subject to certain conditions including approval
by the AMVESCAP (FTSE, NYSE, TSX: AVZ) Board of Directors and
the shareholders of PowerShares' ETFs, is expected to close no
later than the third quarter.
If
you have any questions about the sale of PowerShares to
AMVESCAP, please contact
Ben
Cukier
212-682-4846
bcukier@ftventures.com
Brad
Bernstein
212-682-4441
bbernstein@ftventures.com
Please note our
new addresses:
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New
York
540 Madison
Avenue
Suite
2600
New York, NY 10022
Phone
212-682-4800
Fax 212-682-4480
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