Principal Financial Group (PFG) on Thursday said it is raising its stake in two southeast Asia asset-management ventures with CIMB Group Holdings Bhd. (1023.KU)
Principal agreed to pay CIMB, Malaysia's second-largest bank by assets, up to $117 million for additional ownership of CIMB-Principal Asset Management Group and CIMB-Principal Islamic Asset Management, the companies said.
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Once the deal is complete, Principal will own 60% of the asset-management companies, with CIMB retaining 40% ownership. The companies will continue to co-manage the ventures.
The transaction is expected to close by the end of June, pending regulatory approval.
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(END) Dow Jones Newswires
January 11, 2018 07:44 ET (12:44 GMT)