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T. Rowe Price to Buy Debt-Investment Firm Oak Hill Advisors in $4.2 Billion Deal

Money manager T. Rowe Price Group Inc. agreed to buy Oak Hill Advisors for as much as $4.2 billion to enter the private-debt investing business.

Oak Hill has been an active player in distressed-debt deals for decades, and last year provided rescue financing to companies whose businesses were ravaged by the coronavirus pandemic.

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