Morgan Stanley said it would acquire Eaton Vance for an equity value of about $7bn.

Under the deal, Eaton Vance shareholders would get $28.25 per share in cash and 0.5833x of Morgan Stanley common stock, for a total consideration of about $56.50 per share. Shareholders also would receive a one-time special cash dividend of $4.25 per share pre-closing by Eaton Vance from balance-sheet resources.