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Invesco to Buy OppenheimerFunds From MassMutual
Invesco Ltd. agreed to buy rival Massachusetts Mutual Life Insurance Co.’s OppenheimerFunds Inc. unit for $5.7 billion, adding to a string of acquisitions that have transformed the firm into a $1 trillion money manager. Invesco will pay for the deal with 81.9 million common shares and another $4 billion in preferred shares, making MassMutual the firm’s largest stockholder. Including OppenheimerFunds, Invesco will manage more than $1.2 trillion in assets….