INTL To Acquire Sterne Agee Correspondent Securities Clearing Business

(RTTNews) - INTL FCStone Inc. (INTL) announced an agreement with Sterne Agee LLC, a wholly-owned subsidiary of Stifel Financial Corp., to acquire the Sterne Agee correspondent securities clearing business and the independent wealth management business. The deal will involve the purchase of three broker dealer entities and two registered investment adviser entities.

INTL said the purchase price will be approximately equal to the tangible net asset value of the combined businesses. INTL projects the acquired businesses will produce a non-material loss in the first year after acquisition and be accretive in the second year.