Affiliated Managers Group
is moving forward
with its deal to buy a 60 percent stake in Somerville, New Jersey-based Harding Loevner
, whose product line includes a family of mutual funds.
AMG first announced the deal in July of last year. In January, however, market conditions forced the parties to restructure and postpone the transaction. The amended agreement announced on January 5 contained the option for the deal to be completed during the second half of the year.
Wednesday morning, AMG and Harding executives said they
have agreed to complete the transaction. The deal is expected to close in the third quarter. The remaining 40 percent of Harding Loevner will be owned by a group of senior professionals.
Terms of the deal were not made public.
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