Macquarie Group Ltd
(ASX:MQG) who’s subsidiaries provide banking, financial, investment and funds management services, says it is to acquire specialist investment firm Fox-Pitt Kelton Cochran Caronia Waller, for US$130 million.
The transaction consists of US$130 million in equity value, plus US$16.7 million of long term liabilities less cash on balance sheet at financial close.
President and CEO of Macquarie Capital in the U.S. Tim Bishop says combining the two companies is the ideal way to expand Macquarie’s financial institutions presence beyond the Asia-Pacific into North America and Europe.
The Dow Jones Newswires reports Mr Bishop saying that the current market gives Macquarie an opportunity to build its business across the Americas, and it will continue to do that.
Fox-Pitt’s George Cochran and Len Coronia will become chairmen of Macquarie Capital’s global financial institutions advisory business.
President John Waller will co-head Macquarie’s global financial institutions advisory business alongside Macquarie executive director Andrew Low.
Macquarie recently acquired energy advisory company Tristone Capital Global, Constellation Energy’s Houston-based downstream natural gas trading operations, and funds manager Delaware Management Holdings.
Macquarie Group’s 2009 net profit more than halved from the year before.
