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.
Based on the $56.50 per share, the amount paid to Eaton Vance shareholders will consist of about 50% cash and 50% Morgan Stanley common stock.