New York-listed Affiliated Managers Group has entered into a definitive agreement to acquire a majority equity interest in Yacktman Asset Management, a firm which has about $17 billion in assets under management, for an undisclosed sum.

Upon completion of the transaction, management partners of Yacktman will continue to hold a “substantial portion of the equity of the business and direct its day-to-day operations,” the firm said.

Additionally, as part of the transaction, all of Yacktman’s senior professionals have agreed to long-term commitments. The Yacktman funds will also become part of AMG's funds.

Yacktman, which was founded in 1992 by Donald Yacktman, specializes in large-cap equities and serves a number of institutional investors and high net worth individuals via separately managed accounts and sub-advisory mandates.

Donald Yacktman said the partnership will enable the firm to address long-term succession planning needs through an equity incentive program which provides liquidity to current partners and future generations.