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Illustration: Aïda Amer/Axios

Morgan Stanley on Thursday announced an agreement to buy Boston-based investment manager Eaton Vance for $7 billion in cash and stock.

Why it matters: This solidifies the idea that Morgan Stanley views acquisition as its best path to predictable growth, as it comes just days after completing a $13 billion deal for E*Trade.

Details: Eaton Vance shareholders will receive $28.25 per share in cash and 0.5833x per share in Morgan Stanley common stock, working out to around $56.50 per share (38% premium on yesterday's closing price).

  • The deal would add more than $500 billion to Morgan Stanley Investment Management's AUM, bringing the combined total to $1.2 trillion.

The bottom line, via Axios' Felix Salmon: James Gorman is bringing M&A back to the bulge bracket. It's been a while.

Go deeper

Dion Rabouin, author of Markets
Nov 3, 2020 - Economy & Business

Companies and insiders are holding off on stock buybacks

Illustration: Aïda Amer/Axios

Top executives at big companies known as corporate insiders bought back shares of their own firms' stock at the second lowest rate in at least two years last month, even as speculators continued to buy the dip.

Why it matters: Insiders are typically bullish on their own company and buy when prices fall, but declined to do so after all three major U.S. stock indexes fell by at least 2% during the month, the second consecutive month of declines. (The Dow fell 6%, its worst monthly showing since March's historic drop.)

Kaine, Collins' censure resolution seeks to bar Trump from holding office again

Sen. Tim Kaine (center) and Sen. Susan Collins (right). Photo: Andrew Harnik/Pool via Getty Images

Sens. Tim Kaine (D-Va.) and Susan Collins (R-Maine) are forging ahead with a draft proposal to censure former President Trump, and are considering introducing the resolution on the Senate floor next week.

Why it matters: Senators are looking for a way to condemn Trump on the record as it becomes increasingly unlikely Democrats will obtain the 17 Republican votes needed to gain a conviction, Axios Alayna Treene writes. "I think it’s important for the Senate's leadership to understand that there are alternatives," Kaine told CNN on Wednesday.

Stark reminder for America's corporate leaders

Rosalind "Roz" Brewer is about to become only the second Black woman to permanently lead a Fortune 500 company. She starts as Walgreens CEO on March 15.

Why it matters: It's a stark reminder of how far corporate America's top decision-makers have to go during an unprecedented push by politicians, employees and even a stock exchange to diversify their top ranks.