This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Scotiabank Announces Agreement To Acquire Howard Weil Incorporated

TORONTO, March 7, 2012 /PRNewswire/ - Scotiabank today announced that it has reached an agreement to acquire Howard Weil Incorporated, a leading U.S.-based energy investment boutique.

"The acquisition of Howard Weil is strategically important for Scotiabank, providing not only an expansion of our product footprint in the energy sector, but also dedicated equity sales, trading and research capabilities in the U.S.," said Mike Durland, Scotiabank Group Head, Global Capital Markets and Co-Chief Executive Officer, Global Banking and Markets. "Aligning Howard Weil's talent pool with Scotiabank's resources in Corporate  Banking, Institutional Equity and Oil and Gas Mergers and Acquisitions will strengthen our ability to provide a seamless energy platform to our clients."

Terms of the transaction, which is subject to regulatory approvals, are not financially material to Scotiabank and were not disclosed.

" Howard Weil's professionals share Scotiabank's commitment to providing the highest level of service to energy-focused clientele," said Paul Pursley, President, Howard Weil.  "Our combined businesses will provide research coverage on over 220 energy companies while offering our investing clients an enhanced suite of product and execution services on a global platform."

Established in 1946, Howard Weil is a privately held energy investment boutique that operates in New Orleans and Houston. The firm focuses exclusively on the energy industry, providing equity research, institutional sales and trading, as well as investment banking services. Howard Weil provides research coverage on about 115 leading corporate clients, primarily in the U.S.. Howard Weil is recognized as one of the top boutiques and regional firms in the energy industry and annually hosts one of the premier energy investor conferences in the industry.

Through offices in Toronto, Calgary, Houston, New York, London, Asia and Latin America, Scotiabank is a global leader in the energy sector with a team of experienced professionals involved in all facets of the industry. This includes exploration and production companies, oil field services companies, pipelines, midstream, specialty chemicals and refining.  The transaction will combine Scotiabank's leading capabilities in mergers and acquisitions, equity underwriting, corporate lending, and hedging with Howard Weil's strong U.S. equity sales, trading and research capabilities.

"Both Howard Weil and Scotiabank have strong reputations in the energy sector" said Adam Waterous, Vice-Chairman, Head of Scotiabank Global Investment Banking, President and Head of Scotia Waterous.  "Our businesses are complementary and together we'll be able to provide our clients with superior market intelligence, technical expertise and a comprehensive set of product capabilities."

"Our overall equities strategy continues to focus on global growth initiatives where we have deep sector expertise or can leverage Scotiabank's organizational and geographic presence," said Patrick Burke, Scotiabank Managing Director and Head of Equity. "The proposed combination with Howard Weil, with their industry leading insight and perspective into the U.S. Energy sector, is consistent with our energy expertise and expanding Scotiabank's footprint in the Americas."

Scotiabank's Global Banking and Markets division provides corporate and investment banking and capital markets products and services to corporate, institutional and government clients across the globe. The Bank has over 30 Global Banking and Markets offices around the world and more than 300 relationship managers, organized around industry specialties.

1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,122.01 +15.31 0.09%
S&P 500 1,999.13 -0.89 -0.04%
NASDAQ 4,567.5980 -3.0390 -0.07%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs