Deals
CIBC to Buy JPMorgan American Century Stake for $848 Million
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Canadian Imperial Bank of Commerce, the country’s fifth-largest bank, agreed to buy a 41 percent stake in American Century Investments from JPMorgan Chase & Co. for $848 million to expand its asset-management business.
The cash acquisition, the third-largest purchase by the Toronto-based bank, will immediately add to earnings and contribute 15 cents a share to profit in 2012, CIBC said today in a statement.