Liberty Financial Cos. is acquiring Crabbe Huson Group Inc. for $147.5 million.
The transaction has been approved by both boards of directors and is expected to close early in the fourth quarter. Ninety percent of the transaction will be paid in cash and 10% will be in newly issued shares of Liberty Financial common stock. Liberty has $54 billion under management and Crabbe Huson has $5.3 billion in assets.
Crabbe Huson will function as a separate subsidiary of Liberty Financial, remaining in Portland, Ore., and retaining the Crabbe Huson name. Co-founder Jim Crabbe will serve as president and CIO of the subsidiary. Richard Huson, who has been on medical leave, will retire shortly after the sale.