Deerfield Capital agreed to buy $1.8 billion in CLO contracts in a deal to acquire an investment manager specializing in leveraged loan credit products, the Chicago-based asset manager announced today.

Deerfield agreed to acquire Charlotte, N.C.-based Columbus Nova Credit Investment Management from Bounty Investments for $25 million in stock and deferred payments totaling $7.5 million to be paid in cash over five years.

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