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Atlas and QInvest in deal to buy UK broker Panmure
17 March 2017
Mid-cap broker Panmure specializes in market-making, IPOs, equity research and prime services
Private equity vehicle Atlas Merchant Capital has joined
forces with QInvest, the Qatari investment bank, to launch a
bid UK broker Panmure Gordon.
Both parties have agreed to take the 141-year-old firm
private for £15.5 million pounds ($19 million) in an all
cash deal, according to a statement on Friday.
Panmure, a mid-cap broker, specializes in market making,
IPOs, equity research and prime services.
Andrew Adcock, chairman, said the independent directors
believed the offer was "fair and reasonable".
Panmure now plans to hire senior merger advisory bankers,
strengthen its equities division and expand its product
offering, according to the statement.
QInvest already owns 43% of Panmure and bought its stake in
Atlas Merchant Capital was set up in 2013 by Bob Diamond
specifically to make acquisitions in the financial services
Diamond left Barclays in 2012 in the wake of thee
Matthew Hansen, head of UK and Europe for Atlas, said there
was a "significant opportunity to enhance Panmure Gordon's
strong reputation and build a larger, successful boutique