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Morgan Stanley buying Eaton Vance in deal valued at $7B
NEW YORK – Morgan Stanley is buying the investment management firm Eaton Vance in a deal valued at about $7 billion.Eaton Vance, based in Boston, has over $500 billion in assets under management.Morgan Stanley Chairman and CEO James P. Gorman said in prepared statement Thursday that Eaton Vance will add more fee-based revenues to its investment banking and institutional securities franchise.Eaton Vance shareholders will receive $28.25 per share in cash and 0.5833 of Morgan Stanley common stock, or approximately $56.50 per share.