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GAMCO Investors, Inc., (NYSE:GBL) today announced the initial public offering of common shares of The Gabelli Global Deal Fund, a new closed-end fund which will seek to achieve its investment objective by investing primarily in announced merger and acquisition transactions and, to a lesser extent, in corporate reorganizations involving stubs, spin-offs and liquidations. The Fund will issue 18.75 million shares in the public offering at the initial price of $20 per share, generating gross proceeds of $375 million (before the underwriters’ overallotment) and will trade on the New York Stock Exchange under the symbol “GDL.”
“We thank our lead underwriters, Merrill Lynch & Co., Citigroup, and A.G. Edwards, for their efforts on behalf of the Fund as well as all those who partnered with us and contributed to the success of this offering,” said James C. Scanlon, Senior Vice President and Director of Mutual Fund Marketing and Distribution for Gabelli & Company, Inc.
The Fund’s Investment Adviser will be Gabelli Funds, LLC, a subsidiary of GAMCO Investors, Inc. The Fund’s shares commenced trading on the New York Stock Exchange on Friday, January 26, 2007 and the offering is scheduled to close on Wednesday, January 31, 2007.
GAMCO Investors, Inc., through its subsidiaries, manages private advisory accounts (GAMCO Asset Management Inc.), mutual funds and closed-end funds (Gabelli Funds, LLC), and partnerships and offshore funds (Gabelli Securities, Inc.). As of September 30, 2006, GAMCO had approximately $26.6 billion in assets under management.