Hennessy AdvisorsInc. signed a definitive agreement with Westport Advisers LLC to purchase the assets related to themanagement of The Westport Funds.
The Westport Fund and the Westport Select Cap Fund currentlyhave assets of about $640 million. Their addition would bring total assets managedby Hennessy Advisors to more than $7 billion.
Upon the transaction's closing, assets related to the WestportFund and Westport Select Cap Fund will merge into the Hennessy Cornerstone Mid Cap30 Fund. The deal, terms of which were not disclosed in a news release, is expectedto be completed in the third quarter.