U.S. Global Investors, Inc. (Nasdaq: GROW) is an investment management firm specializing in gold, natural resources, emerging markets and global infrastructure opportunities around the world. Headquartered in San Antonio, Texas, company manages a family of no-load mutual funds across a range of asset classes. In addition, the company manages funds for international clients.
GROW announced today that the company has entered into an agreement whereby U.S. Global will purchase 50 percent of the issued and outstanding shares of Toronto -based Galileo Global Equity Advisors Inc. (Galileo).
Mr. Waring, President, Chief Executive Officer and Chief Investment Officer of Galileo, will sell its 50% stake in Galileo to GROW. Mr. Waring will still own 50% of the outstanding shares of Galileo & continue to have overall responsibility for the investment management activities of Galileo, including its management of the Galileo Mutual Funds.
Mr. Waring commented:
In this unique environment for investment firms worldwide, I’m excited about the strategic partnership between Galileo and U.S. Global as it strengthens Galileos balance sheet and provides for the sharing of intellectual capital to broaden our research capabilities.
The transaction is subject to the approval of securities regulatory authorities and to the satisfaction of other closing conditions. It is anticipated that the transaction will close on or before March 31, 2013.