Mergers and Acquisitions Update: Ameriprise Buys ING Unit, Yahoo Exec Shakeup
Ameriprise Financial, Inc. (NYSE:AMP) will acquire the major portion of ING Groep N.V.’s (NYSE:ING) asset management unit in Asia, according to Bloomberg. The parties remain in negotiations on price, and an announcement may emerge in two to three weeks’ time. Observers opine that the division could be worth around €150 million.
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Yahoo! Inc. (NASDAQ:YHOO) will replace Chief Financial Officer Tim Morse with Ken Goldman who held the same position at Fortinet. Colin Gillis at BGC thinks that the move could be a harbinger of more aggressive spending and that further acquisitions are in store. The firm should still be sitting on more than $3 billion after it reimbursed shareholders with the majority of the proceeds from the Alibaba divestiture. In the meantime, a founder of an unidentified startup that has been looked into by Facebook (NASDAQ:FB) and Google Inc. (NASDAQ:GOOG) leaked to the New York Times that Yahoo has also been checking it out.
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