Financial Services
Stifel To Acquire Thomas Weisel for $300M
ST. LOUIS (TheStreet) -- Stifel Financial (SF) has agreed to buy its investment bank rival Thomas Weisel Partners (TWPG) for more than $300 million.
Each Thomas Weisel share will be exchanged for 0.1364 a common share of Stifel. Thomas Weisel shares are valued at $7.60, a premium of more than 74% to their closing price of $4.36 on Friday based on Stifel's closing price Friday of $55.74. Estimated annual revenue for the combined company would be about $1.6 billion, with a pro forma market capitalization of about $2 billion, the companies said Monday. The merger is expected to close around June 30. -- Reported by Joseph Woelfel in New York. Follow TheStreet.com on Twitter and become a fan on Facebook.TheStreet Premium Services
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