(Alliance News) - Numis Corp PLC and Deutsche Bank AG on Friday said they have agreed a GBP410 million cash takeover of Numis by Deutsche Bank.
Numis is a London-based investment bank, while Deutsche Bank is a Frankfurt-based investment banking company.
The companies said Deutsche Bank will pay 350 pence per Numis share, for a total consideration of about GBP410 million.
The transaction is made up of 339p per share, as well as an interim dividend of 6p per share for the first half ended March 31, as well as an additional interim dividend of 5p per share. both dividends are conditional on the transaction becoming effective.
Deutsche Bank said the acquisition will allow it to "accelerate its Global Hausbank strategy by unlocking a much deeper engagement with the corporate client segment in the UK," with Deutsche Bank gaining more than 170 clients.
Numis directors intend unanimously recommend the takeover offer.
Fabrizio Campelli, head of corporate investment at Deutsche bank said: "This Transaction is strongly aligned to our Global Hausbank strategy and has the potential to unlock significant value within both the Numis and Deutsche Bank franchises... The combination enables us to realise greater revenue opportunities across our shared client base and to deepen our engagement with UK corporates."
Numis Chair Luke Savage commented: "The Numis Board is particularly pleased that Numis' autonomy and independence are seen by Deutsche Bank as key contributors to its culture and the quality of its platform and that Deutsche Bank is focused on ensuring this is retained."
Shares in Numis surged 67% to 341.50p in London, while Deutsche Bank fell 0.7% to EUR9.72 in Frankfurt.
By Harvey Dorset, Alliance News reporter
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