Cowen Group, a US-based financial services firm, has completed the acquisition of Convergex Group, a trading services and brokerage firm, for $100.7m.
The transaction consideration includes $53.1m in cash and and $47.6m in Cowen common stock.
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Convergex has now been rebranded as Cowen Execution Services LLC, while its London-based brokerage Convergex Limited has been rebranded as Cowen Execution Services Limited.
The combined entity had pro forma brokerage execution revenues of more than $400m in 2016.
Cowen chairman and CEO Peter Cohen said: “This transaction is another step forward in Cowen’s overall growth strategy. Integrating the best of Convergex with Cowen shows Cowen’s commitment to providing its combined client base with innovative and differentiated capabilities.
“As an organization focused on helping our clients outperform, we look forward to showcasing our comprehensive service offerings in the months ahead. Our team has worked extensively to ensure clients experience the same high-quality service that they have come to expect from our organizations.”
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By GlobalDataCowen expects the deal, first announced in April 2017, to boost economic income per share in 2018.
