Amvescap announced it has signed a definitive agreement to acquire Wilbur Ross' private equity firm WL Ross for an initial $100 million at closing and up to $55 million a year over the course of five years if certain financial targets are met, putting the potential total value of the deal at $375 million. The deal is expected to close in the fourth quarter.

As a result, Amvescap will merge its private equity subsidiary, Invesco Private Capital, together with WL Ross, putting Ross in charge.

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