Milwaukee-based Artisan Partners Asset Management Inc. has agreed to sell 3.8 million shares, or 5.2 percent of its outstanding equity, to buy shares of subsidiary Artisan Partners Holdings LP held by its executives and employees.
When the transaction is complete, Artisan Partners will have increased its public float of class A common stock by 3.8 million shares.
Citigroup is acting as the sole underwriter for the offering, and may offer the stock for sale in one or more transactions on the New York Stock Exchange, in the over-the-counter market, through negotiated transactions or otherwise at prevailing market or negotiated prices.
Artisan’s stock was trading this morning at $45.88 per share, down from its Tuesday close at $48.12.
In its fourth quarter earnings report, Artisan president and chief executive officer Eric Colson indicated the company experienced a “volatile, but positive year for our business.” Increasing its public float could reduce the company’s stock fluctuations.
