February 11, 2019 / 12:22 PM / 6 months ago

Morgan Stanley to buy employee stock manager for $900 million

FILE PHOTO: A sign is displayed on the Morgan Stanley building in New York U.S., July 16, 2018. REUTERS/Lucas Jackson

(Reuters) - Morgan Stanley said on Monday it would buy Canadian employee stock plans manager Solium Capital for $900 million (£697 million).

The bank will pay C$19.15 (£11.18) per share for Solium, a 43 percent premium over its Friday closing price of C$13.36. The deal is expected to close by June 30. reut.rs/2I3oO9H

The transaction is expected to have minimal impact on Morgan Stanley’s earnings and capital ratios.

Reporting By Aparajita Saxena in Bengaluru; Editing by Maju Samuel

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