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Market Report -- In Play (KEY)
February 21, 2013 8:37 AM ET
KeyCorp to sell Victory Capital Management and affiliate for $246 mln Co announced that it has agreed to sell the company's investment management subsidiary Victory Capital Management and its broker dealer affiliate Victory Capital Advisers to a private equity fund sponsored by Crestview Partners for $246 million in cash and debt, subject to adjustment at closing. Key intends to seek regulatory approval to use the gain from the sale to repurchase shares of its common stock. The business to be sold represented $112 million in revenue and $88 million in expense of KeyCorp's financial results in 2012.
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