Oppenheimer Sale

Pimco Advisors LP, one of the nation’s largest asset managers, said Monday that it has completed its $1.1-billion acquisition of Oppenheimer Capital LP despite a lawsuit challenging the deal.

Pimco, which bought a one-third stake in the New York money manager last month, purchased the rest of the company for about $800 million in partnership units. The two-stage acquisition was valued at a total of $1.1 billion.

The deal gives Pimco $190 billion in assets under management and solidifies the Newport Beach firm’s rank as the nation’s fourth-largest money manager.

Oppenheimer, which specializes in equity stocks, will operate for a short time as a wholly owned subsidiary of Pimco, which focuses on bonds. At the end of the year, Pimco will be replaced on the New York Stock Exchange by a new parent company, Pimco Advisors Holdings LP.

Three weeks ago, an Oppenheimer unit holder sued the company and Pimco to try to halt the merger. The suit, filed in a Delaware court, alleges that Pimco used the purchase of its initial stake to gain control of Oppenheimer and set a price for the remaining units that was “to the detriment” of Oppenheimer’s limited partners. Pimco said Monday that it expects to continue defending the lawsuit.

Pimco’s units gained 81 cents a share Monday to close at $32.15 a share.