Calgary-based Scotiabank has acquired Waterous & Co., for an undisclosed amount. The Scotia Capital division of Scotiabank will combine its existing oil and gas M&A divisions with the global M&A advisory business of Waterous to form a new company, Scotia Waterous. Scotia Waterous will comprise all of the global oil and gas M&A activities of Scotia Capital, making Scotia Capital one of the first financial institutions to combine knowledge of the oil and gas sector, including a comprehensive technical understanding of oil and gas assets on a global basis, with a full-service financing and capital-markets platform. "The acquisition of Waterous & Co. is evidence of our strong commitment to growing Scotia Capital's mergers and acquisitions franchise," says David Wilson, Scotia Capital chief executive and vice chairman of Scotiabank. "In addition, this move represents a significant new investment by Scotia Capital in one of our most important industry groups." Adam Waterous, Waterous & Co. senior managing director and principal, says, "We completed this transaction because we believe that being one of the first firms to combine global, in-depth oil and gas M&A with full-service financing continues the Waterous & Co. tradition of leading industry innovation." Jeffrey Waterous, founder and chairman of Waterous & Co., will be non-executive chairman of Scotia Waterous
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