“We see the deal as financially compelling,” said Morgan Stanley analysts in a note, adding that after Waddell excess cash and investment, Macquarie’s actual cash outlay would fall to less than $900 million. “This signals (Macquarie) is ready to deploy excess capital.”

https://www.cnbc.com/2020/12/03/australias-macquarie-to-buy-waddell-reed-financial-for-1point7-billion-.html