Canadians swoop for Collins Stewart at £253m
Friday 16 December 2011
One of the City's best-known stockbrokers, Collins Stewart Hawkpoint, has been bought by Canadian giant Canaccord for £253 million.
The deal, the latest in a string of broking takeovers and mergers, sees Canaccord notch up its third acquisition this year.
Collins Stewart was set up in the 1990s by racehorse owner Andy Stewart and Leigh Collins but is perhaps best remembered for its days under Terry Smith, whose pastimes include boxing. He left the firm last year after 18 years and became chief executive at Tullett Prebon, formerly the interdealer broking part of the Collins Stewart stable. He sold all his sharessoon after.
Shareholders of Collins Stewart will receive 96p a share in a mixture of cash and Canaccord shares.
Last night was Collins Stewart's Christmas party but yesterday's deal, announced to the stock market in the afternoon, was a "bolt from the blue" to most staff.
Shares in the group leaped 38p to 88.625p. Canaccord, Canada's largest non-bank broker, has been circling the UK for sometime. It held abortive talks with broker Evolution earlier this year but pulled out of them in September.
Henry Biddle at Peel Hunt said: "The principle driver behind the deal is the foothold it gives Canaccord into the UK wealth management space and the revenues which come with that."
The Collins Stewart name will disappear but the Hawkpoint brand will continue. The Canadian firm said there would be some "duplication of roles" but would not comment on likely job losses. Canaccord employs 150 staff in the UK and Collins Stewart 810.
- 1 Alan Rickman admits editing 'terrible' script with friends in Pizza Hut behind backs of writers on Robin Hood: Prince of Thieves
- 2 18th century sex toy found in 'toilet of sword fighting school' in Poland
- 3 US? China? India? The 10 biggest economies in 2030 will be...
- 4 'I wish my teacher knew...': Young students share their 'heartbreaking' worries in notes
- 5 Rebecca Francis accuses Ricky Gervais of using 'influence' to target female hunters after receiving barrage of death threats
General Election 2015: David Cameron catching up in polls – but he badly needs a clear lead
Alan Rickman admits editing 'terrible' script with friends in Pizza Hut behind backs of writers on Robin Hood: Prince of Thieves
South Africa xenophobic attacks: Shops looted and violence on streets of Johannesburg as foreigners are forced to hide in police stations
18th century sex toy found in 'toilet of sword fighting school' in Poland
'I wish my teacher knew...': Young students share their 'heartbreaking' worries in notes
The only black face in the Ukip manifesto is on the page about overseas aid
If I’m being racially abused I don’t need a stranger with a saviour complex to rescue me
Ukip is the only main political party to not address LGBT rights in its manifesto
Food banks: One million Britons will soon be using them, according to Trussell Trust
BBC election debate: The one photo that summed up the whole 90-minute leaders debate
Religion isn't growing, it is becoming vigorous in its demise, says philosopher AC Grayling
iJobs Money & Business
£20000 - £25000 per annum + OTE £45,000: SThree: SThree Group have been well e...
£50000 - £667000 per annum + excellent benefits : Ashdown Group: IT Manager / ...
£13000 - £20000 per annum: Recruitment Genius: Scotland's leading life insuran...
£40000 - £45000 per annum + benefits : Ashdown Group: Training Programme Manag...