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CFIUS Clearance: Macquarie Group and Waddell & Reed Financial

Acquirer:  Macquarie Group Limited (Australia)

Acquired:  Waddell & Reed Financial, Inc. (US)

Value:  US$1.7 billion

Industry: Financial Services

On December 2, 2020, Waddell & Reed Financial, Inc., a publicly traded (NYSE: WDR) U.S. based company providing investment management and wealth management services, entered into a merger agreement with Macquarie Management Holdings, Inc., a Delaware corporation and “the asset management division of Macquarie Group Limited (ASX: MQG), a Australian publicly traded global financial services company, under which Macquarie Management Holdings would acquire all of the outstanding shares of Waddell & Reed for total approximate consideration of $1.7 billion.  (Press Release, Waddell & Reed Financial, Inc., Form 8-K, Ex-99.1, Dec. 2, 2020, SEC Filing.)  On January 28, 2021, the parties “jointly filed a final joint voluntary notice” to CFIUS that was “accepted for review by letter dated February 4, 2021.”  (Waddell & Reed Financial, Inc., Form 8-K, Mar. 25, 2021, SEC Filing.)  The CFIUS 45-day review period concluded on March 22, 2021, and on that date “CFIUS notified the parties that CFIUS has determined that there are no unresolved national security concerns with respect to the merger and its review with respect to the merger is concluded.” (Id.)  “Receipt of the CFIUS clearance satisfies a certain condition to the closing of the merger.” (Id.)

© Copyright 2021 Squire Patton Boggs (US) LLPNational Law Review, Volume XI, Number 162
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