Merrill Lynch & Co. has agreed to acquire Mercury Asset Management Group PLC, an international investment group based in London, for $5.3 billion in cash.

A plan for Merrill to buy Mercury, which manages $177 billion in assets, was approved by the companies' boards of directors Wednesday.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.