Mizuho Financial Group Inc will buy U.S. M&A advisory firm Greenhill & Co Inc for $550 million including debt, the companies said on Monday, as Japan's No. 3 lender eyes a bigger share of the world's largest investment-banking fee pool.
for $550 million including debt, the companies said on Monday, as Japan's No. 3 lender eyes a bigger share of the world's largest investment-banking fee pool.
The $15-per-share offer represents a premium of 121% to Greenhill's last closing price. Its shares had dropped nearly 40% over the 12 months till Friday's close as high interest rates weighed on dealmaking activity. Greenhill shares more than doubled to $14.68 on Monday after the announcement, but are still below their 2004 initial public offering price of $20.since its 2015 acquisition of Royal Bank of Scotland's North American corporate loan portfolio, leaving M&A advisory and equity underwriting as areas targeted for further growth.Other Japanese banks have also been expanding their foothold in the United States.
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