INTL FCStone To Acquire Stern Agee Securities’ Units Bringing $11b in Assets
Posted: Sun Jun 26, 2016 6:47 pm
A definitive agreement has been signed by New York-headquarted financial services provider INTL FCStone Inc (NASDAQ:INTL), to acquire the correspondent securities clearing business and wealth management business from Stern Agee, as per an official company announcement.
The deal will be priced based on the tangible net asset value of the combined businesses, with ITNL FCStone projecting that the acquisition will produce a non-material losswithin the first year after acquisition but should be accretive in the following year.
In addition, the acquisition of Stern Agee will help INTL FCStone expand its range of offerings across securities segments related to ... (read more)