(Sharecast News) - Deutsche Bank said on Friday that it has agreed to buy UK broker Numis in a £410m cash deal
Under the terms of the transaction, which is expected to complete in the fourth quarter, Deutsche will pay 350p per share for Numis.
Fabrizio Campelli, head of corporate bank and investment bank at Deutsche Bank, said: "We have been evaluating how to accelerate the growth of our business in the UK and, as a leading UK franchise with a long history of successfully delivering superior client service and growth, Numis represents a compelling strategic fit.
"The combination enables us to realise greater revenue opportunities across our shared client base and to deepen our engagement with UK corporates. There is strong and complementary cultural alignment between Deutsche Bank and Numis that will propel the combined business to deliver exceptional client service, and we look forward to welcoming Numis management and employees to the Deutsche Bank Group."
Assuming the deal closes in Q4, Deutsche expects it to be accretive to earnings per share from 2024 and said it will deliver an "attractive" return on regulatory capital consumed.
At 0815 BST, Numis shares were up 68% at 343.0p.
