macquarie-buys-foxpitt-kelton

Macquarie buys Fox-Pitt Kelton

Australia's Macquarie Group pays $147 million for Fox-Pitt Kelton, an investment bank specialising in services for financial institutions.

The Macquarie Group has acquired boutique investment bank Fox-Pitt Kelton Cochran Caronia Waller for $147 million, enhancing its capabilities targeted at financial institutions.

The acquisition price comprises $130 million in equity value, plus $16.7 million of net long-term liabilities on the balance sheet at financial close. Macquarie is paying the consideration entirely in cash, although part of the payment will be deferred over four years. The financial close is expected by the end of 2009, subject to regulatory approvals and other customary closing conditions.

Fox-Pitt Kelton was founded in London in 1971 and has grown into a boutique investment bank with an established standing in providing services for financial institutions. It currently employs 267 people...

¬ Haymarket Media Limited. All rights reserved.

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