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Investing.com - Keefe, Bruyette & Woods has reiterated its Market Perform rating and $790.00 price target on Goldman Sachs (NYSE:GS) following the bank’s announcement of a strategic collaboration with T. Rowe Price.
Goldman Sachs revealed plans to collaborate with T. Rowe Price (NASDAQ:TROW) to offer an array of public and private investment products specifically targeted at retirement and wealth investors.
As part of the strategic partnership, Goldman Sachs intends to invest $1 billion in T. Rowe Price shares, with the goal of acquiring ownership of up to 3.5% of the asset management firm.
KBW views this investment positively, noting that it enables Goldman Sachs to expand its fundraising capabilities for its alternatives platform without making an excessive financial commitment.
The collaboration appears strategically aligned with Goldman’s ongoing efforts to strengthen its position in the wealth and asset management sectors, providing the firm with broader distribution channels for its investment products.
In other recent news, Goldman Sachs BDC has announced the pricing of a $400 million notes offering with a 5.650% interest rate, set to mature in 2030. The notes can be redeemed at the company’s discretion, either in whole or in part, at par plus a make-whole premium if applicable. Additionally, Goldman Sachs has confirmed plans to invest up to $1 billion in T. Rowe Price by acquiring up to 3.5% of its common stock through open-market purchases. This strategic collaboration aims to enhance solutions for retirement and wealth investors. Furthermore, GridStor, a company supported by Goldman Sachs Asset Management, has secured a $50 million letter of credit from NORD/LB to advance its utility-scale battery projects in the U.S. In a separate development, Soho House & Co Inc. has agreed to be acquired by an investor group led by MCR, valuing the company at approximately $2.7 billion. Public shareholders of Soho House will receive $9.00 per share in cash as part of the deal. These recent developments highlight significant activities involving Goldman Sachs and its associated entities.
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