Virtus Investment Partners, Inc. (NASDAQ: VRTS), which operates a multi-manager asset management business, today announced it has agreed to repurchase 1,727,746 shares of its common stock, or approximately 22.7 percent of shares outstanding at September 30, 2016, from its largest shareholder, Bank of Montreal Holding Inc. (BMO), representing BMO's entire interest in Virtus.

The purchase price of $93.50 per share, or approximately $161.5 million, represents discounts of 4.0 percent and 4.6 percent, respectively, to the volume-weighted average prices for the 5 and 20 trading days ending October 26. The repurchase will be funded from cash on hand and $30 million of proceeds from the company's credit facility.

The repurchase was made under the company's existing share repurchase program, which was increased to accommodate this transaction. Following this repurchase, 200,000 shares are available under the repurchase program. Immediately following the close of this transaction, the company's effective pro forma common shares outstanding will be 5.9 million shares.

"Our decision to repurchase these shares reflects our confidence in the company and our ongoing commitment to enhancing shareholder value," said George R. Aylward, president and chief executive officer of Virtus. "We are pleased to complete this transaction, which will provide meaningful and immediate accretion to earnings per share."

BMO acquired its interest in Virtus prior to the December 2008 spin-off that established Virtus as an independent publicly traded company. Bank of Montreal Holding Inc. is a wholly-owned subsidiary of Bank of Montreal.

About Virtus Investment Partners, Inc.

Virtus Investment Partners (NASDAQ: VRTS) is a distinctive partnership of boutique investment managers singularly committed to the long-term success of individual and institutional investors. The company provides investment management products and services through its affiliated managers and select subadvisers, each with a distinct investment style, autonomous investment process, and individual brand. Virtus Investment Partners offers access to a variety of investment styles across multiple disciplines to meet a wide array of investor needs. Its affiliated managers include Duff & Phelps Investment Management, Euclid Advisors, Kayne Anderson Rudnick Investment Management, Newfleet Asset Management, Rampart Investment Management, and Virtus ETF Solutions. Additional information can be found at virtus.com.