CIBC is taking a 41% stake in American Century, paying $848 million in cash for the shares that JP Morgan currently holds. JP Morgan paid $900 million for a 45% stake in American Century in 1998 and pared back its holdings over the years.
The deal limits CIBC’s share of the voting stock in the company to 10.1%. CIBC will have two representatives on American Century’s 10-person board.
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