Credit Suisse Group of Zurich, Switzerland has agreed to purchase Donaldson, Lufkin & Jenrette of New York for $11.5 billion, or $90 a share, the companies announced last week.

Credit Suisse will acquire the nearly 70 percent interest AXA Financial of New York has in DLJ for $2.39 billion in cash and $5.75 billion in Credit Suisse Group stock, according to the companies. Combined, the firms will have nearly 26,500 employees and will manage $600 billion in assets.

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.