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MORGAN STANLEY

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Morgan Stanley : to buy Canadian employee stock manager for $900 million

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02/11/2019 | 07:30am EST
A sign is displayed on the Morgan Stanley building in New York

(Reuters) - Morgan Stanley said on Monday it would buy Canadian employee stock plans manager Solium Capital for C$1.1 billion ($900 million).

The deal will allow Morgan Stanley to attract young salaried workers, who after they sign up on Solium to manage their stock options, can eventually choose the bank's investing and virtual adviser channels, as they build their wealth, or when their investing needs arise.

The bank will pay C$19.15 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. https://reut.rs/2I3oO9H

Calgary, Canada-based Solium provides stock plans for over 3,000 companies, which include Instacart, Levi Strauss, Shopify , Bombardier , and Dropbox .

The transaction is expected to have minimal impact on Morgan Stanley's earnings and capital ratios, and the bank does not expect any changes to its share repurchase programs.

Davis Polk & Wardwell and Osler, Hoskin & Harcourt served as legal advisers to Morgan Stanley in the transaction.

(Reporting By Aparajita Saxena in Bengaluru; Editing by Maju Samuel)

Stocks treated in this article : Morgan Stanley, Solium Capital Inc.
Stocks mentioned in the article
ChangeLast1st jan.
MORGAN STANLEY 3.12% 41.99 Delayed Quote.5.90%
SOLIUM CAPITAL INC. -0.16% 19.12 Delayed Quote.62.17%
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Financials ($)
Sales 2019 40 813 M
EBIT 2019 11 447 M
Net income 2019 8 168 M
Debt 2019 -
Yield 2019 3,11%
P/E ratio 2019 8,48
P/E ratio 2020 7,78
Capi. / Sales 2019 1,77x
Capi. / Sales 2020 1,72x
Capitalization 72 229 M
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Mean consensus OUTPERFORM
Number of Analysts 28
Average target price 51,3 $
Spread / Average Target 22%
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Managers
NameTitle
James Patrick Gorman Chairman & Chief Executive Officer
Thomas Colm Kelleher President
Jonathan M. Pruzan Chief Financial Officer & Executive Vice President
Bjarne Stroustrup Managing Director-Technology
Katy L. Huberty Managing Director-Research
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