Alston & Bird client WestEnd Advisors LLC, an independent institutional asset management firm, has entered into a definitive agreement to be acquired 100% by global asset management company Victory Capital Holdings Inc.
Under terms of the purchase agreement, WestEnd will be acquired for an upfront payment of $480 million upon closing, with deferred earnout payments over a number of years upon the satisfaction of certain revenue growth targets.
WestEnd has approximately $18 billion in assets under management and offers four primary exchange-traded funds and one large-cap core fund. It was founded in 2004 and is headquartered in Charlotte, NC.
Listed on Nasdaq, Victory Capital manages more than $159.9 billion in assets and is based in San Antonio, TX.
Representing WestEnd Advisors is an Alston & Bird team led by partner Chris Frieden, senior associate Ian Calhoun, and associates Nathan Tyre and John Stephen (Financial Services & Products); partner Brian Harvel (Federal & International Tax); partner Brett Coburn (Labor & Employment); partner Adam Biegel (Antitrust); partner Blake MacKay (Employee Benefits & Executive Compensation); partner David Baum (Investment Products); and associate Trenton Hafley (Litigation).
Under terms of the purchase agreement, WestEnd will be acquired for an upfront payment of $480 million upon closing, with deferred earnout payments over a number of years upon the satisfaction of certain revenue growth targets.
WestEnd has approximately $18 billion in assets under management and offers four primary exchange-traded funds and one large-cap core fund. It was founded in 2004 and is headquartered in Charlotte, NC.
Listed on Nasdaq, Victory Capital manages more than $159.9 billion in assets and is based in San Antonio, TX.
Representing WestEnd Advisors is an Alston & Bird team led by partner Chris Frieden, senior associate Ian Calhoun, and associates Nathan Tyre and John Stephen (Financial Services & Products); partner Brian Harvel (Federal & International Tax); partner Brett Coburn (Labor & Employment); partner Adam Biegel (Antitrust); partner Blake MacKay (Employee Benefits & Executive Compensation); partner David Baum (Investment Products); and associate Trenton Hafley (Litigation).