FBR & Co. will acquire investment bank and brokerage firm MLV & Co. LLC through a definitive agreement, the companies said July 23.
The transaction’s financial terms were not disclosed, and FBR said the deal will be immediately accretive to earnings. The boards of directors at both companies approved the transaction.
MLV provides at-the-market offerings. Kenneth P. Slosser, executive vice president and head of investment banking at FBR, said that this segment will allow FBR to expand service in a variety of market conditions. MLV’s capital solutions include preferred offerings, which FBR’s corporate clients seek out, he said.
FBR’s existing financial services and energy businesses will be strengthened by the acquisition, said Richard J. Hendrix, chairman and CEO.
The transaction is scheduled to close in 2015’s third quarter, subject to closing conditions and regulatory approval.
Wachtell, Lipton, Rosen & Katz was FBR’s legal adviser, and LeClairRyan was MLV’s legal adviser.
FBR & Co. is based in Washington, D.C.
MLV & Co. LLC is based in New York.
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