WisdomTree Investments, Inc.
WETF, an exchange-traded fund ("ETF") and exchange-traded product
("ETP") sponsor and asset manager, today announced it entered into an
agreement to acquire GreenHaven Commodity Services, LLC, the managing owner
of the GreenHaven Continuous Commodity Index Fund (NYSE Arca:GCC), and
GreenHaven Coal Services, LLC, the sponsor of the GreenHaven Coal Fund (NYSE
Arca:TONS), from GreenHaven, LLC and GreenHaven Group, LLC, respectively.
The transaction is subject to approval by the GreenHaven Continuous
Commodity Index Fund shareholders and customary closing conditions, and is
expected to close in the fourth quarter of 2015.
WisdomTree intends to enter the U.S. commodities ETF space through this
transaction. WisdomTree CEO and President Jonathan Steinberg said,
"WisdomTree's planned acquisition of these unique commodity funds emphasizes
our continued commitment to providing differentiated solutions in response
to developments in the market and investor preferences."
WisdomTree will retain GreenHaven Advisors, LLC as the sub-advisor to the
funds to conduct portfolio management services. The transaction
consideration is $11.75 million in cash. GCC has $247 million in assets
under management and TONS has $1 million in assets under management, as of
October 28, 2015. The financial impact of the transaction is not material to
WisdomTree earnings per share.
"We're excited about working with WisdomTree because of its leadership
position in the ETF space and outstanding track record of growth," said
GreenHaven Group, LLC President Ashmead Pringle.
Market News and Data brought to you by Benzinga APIs© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
Posted In: NewsPress Releases
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in