July 15, 2011 / 10:24 AM / in 6 years

CORRECTED-BRIEF-CIBC buys 41 pct stake in American Century for $848 mln

(Corrects headline to say that CIBC bought the stake for $848 million and not $112 million)

July 15 (Reuters) - CIBC :

* Announces investment in American Century Investments, a leading U.S. asset management company with US$112 billion under management

* Says 100% cash transaction is immediately accretive

* Says transaction is immediately accretive

* Says will acquire a 41% equity interest in American Century Investments

* Says purchasing the minority interest held by JP Morgan Chase & Co

* Says CIBC’s share of American Century earnings expected to contribute approximately 15 cents.shr of earnings in 2012

* Says CIBC will hold 10.1% of American Century Investments’ voting rights

* Says of this transaction is expected to take place within 90 days

* Says total consideration is US$848 million

* Says closing of this transaction is expected to take place within 90 days

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