Seward & Kissel advises City of London Investment Group on its Merger with Karpus Management, Inc.
October 1, 2020
On October 1, 2020, City of London Investment Group PLC (LSE:CLIG) completed its previously announced acquisition of Karpus Management, Inc. through a merger with aggregate consideration to Karpus shareholders consisting of 24,118,400 CLIG ordinary shares (valued at $99.7 million at CLIG’s share price immediately before the announcement of the deal). Seward & Kissel was pleased to represent CLIG in connection with this cross-border, investment management industry transaction.
Pittsford, New York-based Karpus is a registered investment management business that uses closed-end fund investments amongst other securities to manage approximately $3.5 billion of assets for primarily high net worth clients. London-listed CLIG is the parent of City of London Investment Management Company Limited, a global fund manager specializing in closed-end fund investing, with approximately $5 billion of funds under management.
Seward & Kissel LLP (www.sewkis.com) is a leading New York law firm, originally established in 1890, offering legal advice emphasizing business, financial and commercial law and related litigation. The firm’s Business Transactions Group handles middle-market M&A, private equity, venture capital and joint venture transactions involving a wide variety of industries. The firm is ranked as Highly Regarded for Corporate/M&A by Chambers USA and is recommended by The Legal 500 in the middle-market M&A category, stating that Seward & Kissel “advises on market-leading transactions within the industries where the firm has an international reputation, namely investment management and shipping” and “also handles complex middle-market deals in the media industry and international sell-side M&A.”
The joint press announcement of the parties describing this transaction by clicking here.