Investment bank Evercore to buy financial research firm; all-stock deal valued at up to $401M
The investment bank Evercore Partners says it has an agreement to buy the International Strategy & Investment Group, a financial research firm.
The all-stock deal between the two New York-based companies could be worth roughly $401 million, based on Evercore's shares closing Friday at $50.13. Evercore plans to issue the equivalent of up to 8 million shares to purchase ISI and also acquire the remaining 40 percent of its own equities division not currently under the investment bank's control.
About 70 percent of the shares involved would be paid out over five years based on performance target. Evercore says it expects to close the deal in the final three months of 2014.
The combined business would have generated $230 million in revenues over the 12 months ended June 30.