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Evercore Said Planning to Buy ISI for Up to $401 Million

Evercore Partners Inc. plans to buy International Strategy & Investment Group LLC, the closely held research firm co-founded by Ed Hyman, in what would be the investment bank’s biggest acquisition, according to two people with knowledge of the negotiations.

Evercore intends to issue as many as 8 million shares, with about 70 percent of the payout tied to five-year performance targets, one of the people said, asking not to be named because the firms don’t plan to announce the acquisition until early next week. The deal would be valued at about $401 million based on Evercore’s $50.13 closing share price today. The shares fell 8.1 percent, the most in almost three years.