Law firm Stephenson Harwood LLP has advised City of London Investment Group PLC (CLIG) on its £78.4 million acquisition of Karpus Management Inc. (KMI).

CLIG, a global fund manager which specialises in closed-end fund investment, will acquire KMI, a US-based investment management business, in an all-share merger. The deal, in which KMI shareholders will receive listed CLIG shares as consideration, is conditional on CLIG shareholder approval and regulatory authorisation in the UK and Singapore.

The transaction marks an important stage in CLIG’s development, as the company increases its presence in the US and diversifies its business.

The Stephenson Harwood team was led by partner Alex Haynes, with support from senior associate Alexa Whitehead. Further assistance was provided by regulatory partner Jake Pidcock and tax partner John Meehan. US firm Seward & Kissel, led by partners Jim Abbott and Nick Katsanos, advised on US aspects of the transaction.