25 May 2012

Canaccord in £183m takeover

04/03/2010 Robert Tyerman

Canada-based broker and investment group Canaccord Financial is buying Genuity Capital Markets for £183 million in shares and cash.

Based in Toronto and listed there and on AIM, Canaccord is buying five year-old Genuity for its strength in the lucrative deal underwriting market in North America and the UK. Canaccord is issuing shares and paying C$30 million (£13 million) cash in a deal which values Genuity at nearly C$286 million.

David Kassie, chairman and chief executive officer of Genuity, which led 13 underwritings last year with an average size of C$109 million each, will join the board of Canaccord, along with colleague Philip Evershed. Genuity’s earnings have fluctuated with the market, surging from C$17.6 million in the year to January 2007 to C$84 million in 2007-08 before plunging to nothing in 2009-09 and bouncing to nearly C$32million in 2009-10.

Canaccord chairman Peter Brown says joining forces with Genuity makes the company’s goal of demonstrating Canadian leadership ‘even more of a reality’. Canaccord’s shares, which have traded between 650p and 225p over the past year, now stand at 562.5p, down 12.5p this morning, valuing the company at £307 million.

Tags: AIM, Deals & contracts, Mergers & acquisitions

Sector: General Financial

Companies: Canaccord Financial

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