Missouri-based brokerage firm Stifel Financial has agreed to purchase certain assets of local firm George K. Baum & Company (GKB), a provider of financial advisory or underwriting services to bond issues.
The transaction value was not divulged.
GKB was set up in 1928 and is based in Kansas City.
The business has serviced over 7,796 municipal bond issues worth more than $320bn since 2000.
GKB president and CEO Jonathan Baum said: “The combination of our two firms will provide substantial advantages to our current and future clients in accessing the nation’s largest public finance platform.”
Deal completion is anticipated in the fourth quarter of this year.
The takeover will not affect George K. Baum Capital Advisors or Baum Capital Partners, Stifel noted.
Stifel chairman and CEO Ronald Kruszewski said: “This transaction brings GKB’s nationally recognised municipal securities business to Stifel and further strengthens Stifel’s ability to provide top tier service to municipal issuer clients and non-profit borrowers.
“Further, GKB’s regional and sector focused practices provide a unique fit with Stifel’s existing public finance structure and a strong foundation to grow our businesses.”
Stifel has been on a buying spree this year.
In April, Stifel agreed buy advisory firm Mooreland Partners.