AllianceBernstein to Buy WP Stewart for $12/Share in Cash, CVR for Possible Added $4/Share

AllianceBernstein L.P. (AllianceBernstein)

and W.P. Stewart & Co., Ltd. (W.P. Stewart)  announced today that the two firms have entered into a definitive agreement whereby AllianceBernstein, a global investment management firm with $444 billion in assets under management, will acquire W.P. Stewart, an equity investment manager that currently manages $2 billion in U.S., Global and EAFE concentrated growth equity strategies for institutional and retail clients, primarily in the U.S. and Europe. Upon completion of the acquisition, W.P. Stewart's investment services will be added to AllianceBernstein's equity offering. W.P. Stewart's team of seasoned investment managers will remain in place and continue to manage their investment services as they do today. At the same time, they will gain access to AllianceBernstein's broad global reach and research team, and benefit from extensive access to corporate management.