-Evercore Partners buys UK peer Lexicon for GBP86m.
BANKING AND CREDIT NEWS-June 8, 2011--Evercore Partners buys UK peer Lexicon for GBP86m(C)2011 M2 COMMUNICATIONS http://www.m2.com
8 June 2011 - New York-based investment banking advisory firm Evercore Partners (NYSE:EVR) said on Tuesday it had inked a deal to buy UK peer Lexicon Partners for GBP86m (USD141m/EUR96m) in cash and Evercore shares.
The acquisition is expected to close in the third quarter of 2011 and to be immediately accretive to earnings per share.
The merger will help Evercore build critical mass in Europe boosting its European team to 75 bankers, including 13 senior managers, the company said in a statement. The deal will increase Evercore's global industry coverage and benefit its clients through wider access to resources and expertise among other gains.
After the merger, Lexicon senior partner Andrew Sibbald will head Evercore's European advisory business while Evercore's current chairman and CEO in Europe, Bernard Taylor, will continue as chair of the European business.
Lexicon Partners, set up in 2000, offers investment banking advisory services to large and midsize financial, infrastructure, utility and energy firms. The company has counselled around 250 deals with a combined value of over GBP100bn.
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|Publication:||M2 Banking & Credit News (BCN)|
|Date:||Jun 8, 2011|
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