Financial services firm Freedom has signed a definitive deal to purchase American investment bank Maxim Group in a deal valued at around $400m.
Maxim Group offers investment banking, equity capital and institutional sales, equity research, merchant capital as well as corporate and wealth management solutions.
The new deal, which will be carried out using a mix of cash and common stock, includes the bank’s registered investment advisory unit Maxim Financial Advisors.
Following the completion of the deal, Freedom’s brokerage and global distribution network will get access to Maxim Group’s corporate and institutional presence in Asia, Greece, Israel and parts of Western Europe.
Freedom’s US CEO Robert Wotczak will become executive chairman of Maxim Group and its subsidiaries, while Maxim Group president Clifford Teller will be elevated to the role of CEO.
Chris Fiore, one of the founders of Maxim Group, will continue to serve as president of the firm.
Freedom CEO Timur Turlov said: “We are committed to growing our global footprint, and we recognize that having a significant U.S. presence is an important part of this strategy.
“Adding Maxim to our group as a trusted partner through this cornerstone transaction will turbocharge our growth as we continue to expand our US operations.”
Prime Executions, an institutional trading firm bought by Freedom in 2022, recently received approval to undertake investment banking and equity capital market operations under the name of Freedom Capital Markets.
In November last year, Freedom obtained regulatory greenlight to reorganise its corporate operations in Kazakhstan.