MassMutual is preparing to break ground on a new building in Boston in June. (Image: MassMutual)
Massachusetts Mutual Life Insurance Company has completed selling OppenheimerFunds to Invesco Ltd., a money manager, for about $5.7 billion in Invesco stock.
MassMutual has emerged from the deal with a 15.7% stake in Invesco.
The companies announced the deal in October.
Invesco is now managing $1.2 trillion in assets.
MassMutual bought OppenheimerFunds in 1990, from British & Commonwealth Holdings PLC, for $150 million.
MassMutual Chairman Roger Crandall said in a statement that MassMutual is looking forward to a continued partnership with Invesco, and exploring opportunities for future collaborations with Invesco.
MassMutual is based in Springfield, Massachusetts. The company is preparing to break ground on a 310,000-square-foot building on the Boston waterfront in a few weeks.
— Read MassMutual Prepares to Build 17-Story Tower In Boston, on ThinkAdvisor.
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