Canadian investor Stephen Smith is set to take a 26.9% stake in the publisher of the Economist magazine, after reaching an agreement with Lynn Forester de Rothschild to buy her family’s long-held shares in the storied publication.
The Economist Group said Tuesday that Smith had agreed to buy the stake alongside his family’s Smith Financial holding company, which has interests in various businesses including proxy adviser Glass Lewis.
Terms of the deal, which is subject to certain closing conditions including the approval of the Economist’s trustees, weren’t disclosed.
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