Atlas Merchant Capital, a private equity firm co-founded by former Barclays CEO Bob Diamond, has joined forces with Qatari investment firm Qinvest to acquire British stockbroking firm Panmure Gordon.
The acquisition offer of 100 pence per share values Panmure Gordon at £15.5m.
Atlas will hold a majority stake in the stockbroker, while QInvest will maintain its existing 43% stake in the business following the takeover. The deal is currently subject to shareholder approval.
QInvest CEO Tamim Al-Kawari said: "We have been major investors in Panmure Gordon for more than seven years and are excited about this opportunity to work with Atlas to develop the business, alongside its management team and employees, and to assist it in fulfilling its potential.”
The takeover will lead to the delisting of Panmure Gordon from the London Stock Exchange.
Atlas head of UK and Europe Matthew Hansen said: "We believe there is significant opportunity for Atlas, in partnership with QInvest, to apply our operational skills and financial services expertise to enhance Panmure Gordon's strong reputation and build a larger, successful boutique investment bank.
“This long term stabilisation and development can only realistically be achieved as a private company, out of the glare of the public market and the effects of share price movement."