Shore Capital snaps up Stockdale Securities to create City’s fourth-largest corporate broking firm
Shore Capital said today that it had bought Stockdale Securities in a deal to create London’s fourth-largest corporate broking firm by number of main market and Aim-quoted clients.
It paid close to book value of £4.9m with additional deferred consideration of up to £4m, subject to performance.
Read more: City broker Shore Capital closes in on deal to buy Stockdale Securities
The combined firm will advise around 125 corporate clients, provide research on approximately 300 equities and consolidate 400-500 institutional client relationships.
It gives Shore a specialist investment fund capability and boosts its corporate advisory and broking, equity research and sales and trading capabilities.
Completion of the deal is subject to Financial Conduct Authority (FCA) approval.
Read more: Don't be miffed about Mifid II
Simon Fine, co-chief executive of Shore Capital, said: “The combination of our complementary businesses adds scale, expertise and diversity to Shore Capital, demonstrating our commitment to serving the needs of our combined institutional and corporate clients.”
Mark Brown, chairman of Stockdale said: “Shore Capital and Stockdale share a like-minded, commercial approach which we believe will be an excellent fit, with the scale of the combined business enabling it to grow and benefit from the opportunities that lie ahead.”