Rothschild & Co has agreed to acquire Compagnie Financiere Martin Maurel in a deal that would create a French private bank with combined assets of about EUR34bn ($38.5bn).
The deal, which values Martin Maurel at EUR240m, would combine the two companies’ private banking and asset-management operations in France.
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Under the terms of the deal, shareholders of Martin Maurel will get either 126 Rothschild & Co shares per existing share or can sell their shares in cash, while the Maurel family would receive Rothschild & Co shares.
"The transaction is expected to have a modestly positive impact on EPS from the first full fiscal year post-merger, before synergies," the companies said.
The deal would be funded by newly issued shares of Rothschild, Rothschild’s own cash resources as well as external credit facilities.
The combined company will operate in France under the name Rothschild Martin Maurel.
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By GlobalDataRothschild & Co chairman David de Rothschild said: "Our two companies share an independent family model that is a real strength when compared to our competitors. This transaction would strengthen and ensure the continuity of this model.
"I am convinced that Rothschild & Co’s private banking and asset management would be enriched by the expertise that the Martin Maurel group brings, and that together through our shared history, our common values and our long-term vision, we would continue to bring the best service to our customers and strengthen our leading position in private banking."
