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Canadian firm Canaccord to buy UK-based Collins Stewart

Canadian financial services firm Canaccord Financial has agreed to acquire Collins Stewart Hawkpoint, a UK-based independent financial advisory group, for GBP253.3m.

Canaccord said Collins Stewart shareholders will receive 96 pence a share, including 57.6 pence in cash and 0.072607 of a share.

Collins Stewart Hawkpoint has around 850 employees providing services to clients across four main operating divisions namely wealth management, securities, corporate broking and corporate advisory (Hawkpoint).

Canaccord Financial CEO Paul Reynolds said that the acquisition of Collins Stewart Hawkpoint will be a transformational expansion of their business. When the transaction closes, Canaccord will have operations in twelve countries and capabilities to list companies on ten stock exchanges.

Canaccord will finance the acquisition with its existing cash resources and additionally by using a credit facility provided by the Canadian Imperial Bank of Commerce.