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News Breaks | | | | August 13, 2012 | | 05:28 EDT |  | BAC | Julius Baer confirms acquisition of Merrill Lynch’s International Wealth unit
Julius Baer confirmed it has agreed, subject to the regulatory and shareholder approvals, to acquire Merrill Lynch’s International Wealth Management business based outside the U.S. and Japan from Bank of America with $84B of assets under management as of June 30 and over 2,000 employees, including more than 500 financial advisers. The agreed transaction price is 1.2% on AuM transferred. Total transaction, restructuring, integration and retention costs in connection with the necessary transfer of the business to the Julius Baer platform are expected to amount to up to approx. CHF 400M. Separately, BofA will assume up to an additional $125M of defined pre-completion restructuring and integration costs. The acquisition is expected to be earnings accretive from the third full-year following principal closing. | |
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