Shore Capital gets FCA clearance for Stockdale Securities deal
By Michele Maatouk
Date: Monday 18 Mar 2019
(Sharecast News) - The Financial Conduct Authority has approved stockbroker Shore Capital's acquisition of Stockdale Securities.
As a result, Shore now expects the deal to take place at the end of this month.
The company announced back February that it had agreed to buy Stockdale for up to £8.9m in a deal that will create London's fourth largest corporate broking and advisory business. The stockbroker will pay an initial consideration of £4.9m and a maximum deferred consideration of up to £4m, both in cash.
Shore Capital said at the time that the deal represents "a compelling strategic fit" and the combination will enhance the existing operations of its Capital Markets division by expanding the corporate client base, adding a specialist investment funds capability to the business and by augmenting the existing corporate advisory and broking, research, sales and trading expertise.
Stockdale serves an institutional and corporate client base offering corporate advisory and corporate broking, equity research, sales and trading services to institutional investors, with a focus on small and mid-cap companies and listed investment funds.
Its corporate broking and advisory team acts for 53 corporate clients and it has dealing relationships with around 200 institutions.
At 1540 GMT, ShoreCap shares were up 1.8% to 224p.
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