Goldman follows through on plan to shift focus to ultra-high net worth clients as one of several deals on Monday as pundits eye a potential M&A boost
Goldman Sachs Group Inc. GS, +1.59% said Monday it agreed to sell its Personal Financial Management unit to Creative Planning LLC for an undisclosed sum, part of a mini-flurry of mergers and acquisitions announced Monday.
The company’s purchase of Personal Financial Management deal came after Goldman Sachs said on Aug. 21 it was considering the sale of the unit, which has $29 billion in assets. Goldman is shifting its focus to its ultra-high net worth business, which counts more than 16,000 clients and tips the scale at $1 trillion in assets.Abcam Plc’s stock ABCM, -3.75% was down 3.4% after it said it agreed to be acquired by Danaher for $24 a share in cash in a deal that values the maker of antibodies and reagents for drug discovery efforts at about $5.7 billion including debt.
The deal amounts to a price of about $11.34 per RPT share or a premium of 19% over the closing prices of Kimco and RPT stock on Friday,Hersha Hospitality Trust’s stock HT, +56.21% stock soared 56.7% toward an eight-month high after the real-estate-investment trust focused on the hospitality sector announced an agreement to be acquired by private equity firm KSL Capital Partners LLC in a cash deal valued at $1.4 billion.
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