Boston-based Affiliated Managers Group, Inc. (NYSE: AMG), has agreed to acquire a majority equity interest in Yacktman Asset Management Co.

As part of the deal, all of Yacktman’s senior professionals have agreed to long-term commitments with the firm. In addition, the Yacktman funds will become part of the Managers family of funds. The terms of the transaction were not disclosed.

After the closing of the deal, the father and son team of Donald Yacktman, founder, Stephen Yacktman, and the rest of the management team will continue to hold a “substantial portion of the equity of the business and direct its day-to-day operations,” according to a release.

Goldman, Sachs & Co. served as financial advisor to Yacktman, while Fried, Frank, Harris, Shriver & Jacobson LLP served as legal counsel to the firm.

Yacktman currently manages some $17 billion in assets in large-cap equities products.

The firm was founded in 1992.

“Our partnership with AMG enables us to address long-term succession planning needs through an equity incentive program which provides liquidity to the current partners and to future generations, fosters stability within the organization, and, most importantly, offers significant support to continue the business momentum we have established,” stated Donald Yacktman.

AMG managed some $352 billion as of December 31, 2011.

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