Oppenheimer Management Corp. last week signed a definitive agreement to acquire the assets of 12 of Oppenheimer Capital's Quest for Value Funds.

The New York-based mutual fund company, not affiliated with Oppenheimer Capital, will acquire $1.6 billion of fund assets boosting its total mutual fund assets under management to $37.6 billion.

The transaction is valued at $37.6 million, the companies said in a joint statement. An additional payment of up to $4.2 million may be made a year after the deal is closed.

The deal has been approved by the boards of both companies, but awaits approval from the mutual funds' shareholders.

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