Federated Hermes Finalizes $331M FCP Acquisition, Bolstering US Real Estate AUM
FHI sits 61% above its 52-week low of $35.39.
Summary
Federated Hermes, Inc. has completed its previously announced acquisition of an 80% majority interest in FCP Fund Manager, L.P. for up to $331 million, comprising $215.8 million in cash, $23.2 million in stock, and potential contingent consideration. FCP, a privately held US multifamily real estate investment manager, brings $3.5 billion in client assets, significantly expanding Federated Hermes' private markets and alternatives capabilities. This strategic move strengthens FHI's US real estate footprint, complementing its existing UK operations and contributing to its overall AUM growth. Traders will monitor the integration of FCP and its impact on Federated Hermes' performance in the growing US multifamily sector.
At the time of this announcement, FHI was trading at $56.93 on NYSE in the Finance sector, with a market capitalization of approximately $4.3B. The 52-week trading range was $35.39 to $58.60. This news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: Dow Jones Newswires.