MassMutual Closes on OppenheimerFunds Sale
May 29, 2019 by Allison Bell
Massachusetts Mutual Life Insurance Company has completed selling OppenheimerFunds to Invesco Ltd., a money manager, for about $5.7 billion in Invesco stock.
MassMutual has emerged from the deal with a 15.7% stake in Invesco.
The companies announced the deal in October.
Invesco is now managing $1.2 trillion in assets.
MassMutual bought OppenheimerFunds in 1990, from British & Commonwealth Holdings PLC, for $150 million.