WESTWOOD HOLDINGS GROUP INC (WHG): M&A transaction — Westwood acquires Salient asset management business for $35M; AUM rises to $16.3B

WESTWOOD HOLDINGS GROUP INC

Upfront cash payment of $35M, plus up to $25M earn-out based on revenue retention and growth targets.
AUM increases 33% to $16.3B; adds Energy Infrastructure ($2.1B), Tactical Equity ($1.3B), Real Estate ($242M), Private Investments ($367M).
Expected ~100% accretion to economic EPS in 2023, first full year post-close.
Westwood acquires 47% stake in Broadmark Asset Management; restricted stock grants of $5M to six Energy Infrastructure team members.

Key facts

Extracted from this filing and checked against the source text.

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

WESTWOOD HOLDINGS GROUP INC completed an acquisition involving Salient Partners, L.P. for $35 million in cash, plus up to $25 million in contingent earn-out payments (closed 2022-11-18).

Action: acquisition
Counterparty: Salient Partners, L.P.
Consideration: $35 million in cash, plus up to $25 million in contingent earn-out payments
Closing: 2022-11-18

Exact text from the filing

“ Seller ”). The purchase price paid by the Company at the closing (the “ Closing ”) of the transactions contemplated by the Purchase Agreement (the “ Salient Acquisition ”) was $35 million in cash, subject to certain customary adjustments, including adjustments for working capital and client consents. The Company funded the closing payment with cash on hand.

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Source: SEC EDGAR

accession 0001104659-22-120547

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