JPMorgan reveals £1bn deal to buy Cazenove
by Kay Murchie
US investment bank JPMorgan is to fully buy Cazenove, the UK broker, in a £1 billion ($1.7 billion) deal.
The deal comes as JPMorgan bought half of Cazenove in 2004 ago and created the JPMorgan Cazenove joint venture. It paid £700 million for the 50% stake.
Under the original terms set five years ago, the US investment bank had until February next year to exercise an option to buy out its partner.
According to sources close to the situation, Cazenove chairman David Mayhew, and Naguib Kheraj, chief executive, will get major roles at the US bank but there is speculation that there could be job losses as a result of the deal.
Cazenove can trace its roots back to 1819 and is rumoured to be the stockbroker to the Royal Family.
Discuss this in the Finance Markets forums
Story link: JPMorgan reveals £1bn deal to buy Cazenove
Related financial stories to: JPMorgan reveals £1bn deal to buy Cazenove:
- Shares in Bear Stearns jump after hopes of better deal
- JPMorgan Chase becomes second US bank to report rise in profits
- Barclays announces fundraising plans for Lehman assets
- Parents sacrificing pensions for school fees
- JPMorgan Chase kicks off results season and exceeds expectations
Next: Morrisons sales up as customer numbers grow »
Visited 670 times, 1 so far today
No Comments »
No comments yet.
RSS feed for comments on this post.
Leave a comment
Tags: Cazenove, deal, full, joint venture, JPMorgan, purchase
