
Stifel To Acquire Thomas Weisel for $300M
Stifel Financial agreed to buy its investment bank rival Thomas Weisel Partners for more than $300 million.
ST. LOUIS (
) --
Stifel Financial
(SF) - Get Report
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.
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