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Macquarie In Discussions To Takeover Fox-Pitt

Macquarie is expected to pay more than $150 million and as much as $200 million, though a final agreement has not been signed yet

Australia’s Macquarie Group is in talks to take over Fox-Pitt Kelton Cochran Caronia Waller, a small investment bank owned by its management and private equity firm J.C. Flowers & Company – reported Reuters.

 

Reportedly, Macquarie is expected to pay more than $150 million and as much as $200 million, though a final agreement has not been signed and the usual hurdles remain.

 

Fox-Pitt, partly owned by its management, has about 280 employees and provides M&A advice, underwriting and research that is focused on banks, insurers and other financial services firms. Fox-Pitt merged with insurance industry boutique Cochran Caronia Waller in 2007.

 

At the low end of that range, J.C. Flowers would receive twice what it paid Swiss Reinsurance Co to acquire Fox-Pitt in 2006.

 

Macquarie has recently been on a buying and hiring spree, particularly in the US capital markets. The company is eager to extend its reach beyond Asia and Australia as well as lessen its dependence on infrastructure investing. Macquarie agreed to buy US money manager, Delaware Investments from Lincoln National Corp for $428 million.