LONDON, July 24 (UPI) -- Amvescap PLC of Britain will pay more than $3.5 billion to buy W.L. Ross & Co. LLC., a New York restructuring and money management group.
W.L. Ross & Co. was formed in April 2000 by Wilbur Ross Jr. as a global fund manager for institutional investors, Amvescap said Monday. Since then it has sponsored alternative investments, including private equity funds, co-investment vehicles and hedge funds in the steel, textile, coal, automotive and financial services industries.
Upon completion of the acquisition, expected in the fourth quarter of 2006, Amvescap's direct private equity business, Invesco Private Capital, will be combined into W.L. Ross & Co.