In a deal valued at more than $247 million, asset manager AMG will acquire a majority stake in Freiss Associates, the growth-oriented investment advisory firm best known for handling the well-known Brandywine fund family, it was announced today.

AMG will acquire 51% of Freiss for an initial cash payment of $247 million, according to a statement. In three years, AMG is expected to buy another 19% stake in the firm for a yet-to-be-determined amount. The deal, pending approval, is expected to close by the end of October.

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