10:34 AM EDT, 04/01/2024 (MT Newswires) -- AlTi Global ( ALTI ) said Monday it will acquire independent advisory firm East End Advisors for an initial purchase price of about $76 million, plus an additional contingent consideration that will be payable over five years.

The company said the additional payment will be based on an EBITDA-based formula, with a portion to be settled in cash and another in cash or class A common shares. AlTi Global ( ALTI ) said it expects to fund the initial cash consideration with the previously announced investment of up to $450 million from Allianz X and Constellation Wealth Capital.

AlTi Global ( ALTI ) expects to close the acquisition in early Q2 and said East End Advisors will expand AlTi Tiedemann Global's operations and its offerings in the Outsourced Chief Investment Officer market.

Price: 5.57, Change: -0.09, Percent Change: -1.68