Invesco Announces Major Preferred Stock Repurchase from MassMutual

Published 1 days agoIVZ

Invesco Announces Major Preferred Stock Repurchase from MassMutual

Invesco has announced an acquisition of $1 billion worth of preferred stock from MassMutual, marking a significant part of a $4 billion series. This strategic move, expected to finalize by May 2025, is supported through debt financing, providing Invesco with enhanced balance sheet flexibility by repurchasing the non-callable shares ahead of schedule.

The transaction is projected to be accretive to earnings by late 2025, with a projected run-rate EPS accretion of 13 cents once the debt is repaid. The deal is strategically aimed at reducing capital costs and boosting the company's ability to grow dividends, as noted by Insider Monkey.

Furthermore, Invesco has revealed a strategic partnership with Barings, a MassMutual affiliate, to broaden its private credit solutions through U.S. wealth distribution channels. Moreover, a seed and co-investment of $650 million from MassMutual is set to foster joint initiatives in private market offerings. In line with these developments, Invesco announced a slight increase in its quarterly dividend from $0.205 to $0.210 per share, extending its streak of annual payout increases to 19 consecutive years.

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