Shares of Eaton Vance, a provider of investment strategies and wealth management with more than $500bn in assets under management, were up 44% to $58.90 in premarket trading.

Morgan Stanley said it would acquire Eaton Vance for an equity value of about $7bn.

Under the deal, Eaton Vance shareholders would get $28.25 per share in cash and 0.5833x of Morgan Stanley common stock, for a total consideration of about $56.50 per share. Shareholders also would receive a one-time special cash dividend of $4.25 per share pre-closing by Eaton Vance from balance-sheet resources.

Morgan Stanley set to purchase Eaton Vance in $7bn deal

Michael Dabaie

Morgan Stanley

Eaton Vance

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