09.02.2023 07:25:33
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Credit Suisse Buys Klein Group For $175 Mln
(RTTNews) - Credit Suisse Group AG (CS), a Swiss investment lender, said on Thursday that it has acquired The Klein Group LLC, the investment banking arm of M. Klein & Company LLC, for $175 million.
With this acquisition, Credit Suisse aims to carve out its CS First Boston as an independent capital markets and competitive advisory led business.
Following the completion of the transaction, anticipated to be closed in the first-half, MK&C is expected to be fully integrated into CS First Boston.
In addition, Credit Suisse has appointed Michael Klein as CEO of Banking and Americas, as well as designated CEO of CS First Boston.
M. Klein & Company will receive equity in CS First Boston in the form of a convertible note.
"The note will provide annual payments and convert into, and the warrant entitles the seller to subscribe to, CS First Boston shares at a qualified initial public offering or other liquidity event, at the then-valuation of CS First Boston…," Credit Suisse said in a statement.
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