(Boursier.com) — Freedom Holding Corp. (FRHC), founder of Freedom Finance Europe, has reached an agreement to acquire the American investment bank Maxim Group and its subsidiary dedicated to consulting, Maxim Financial Advisors. The total amount of the transaction, which will be paid in cash and stock, will be approximately $400 million.
This acquisition will allow Freedom Holding Corp. significantly expand its presence in capital markets and increase its investment banking and research capabilities. The operation is part of the holding company’s international expansion strategy, one of the aspects of which was the acquisition in 2020 of the American broker Prime Executions, which is a member of the New York Stock Exchange (NYSE).
Maxim Group is a leading investment bank headquartered in New York, providing a wide range of investment banking services to growing and innovation-driven businesses worldwide. Founded in 2002, the group is registered as a broker with the US Securities and Exchange Commission and is a member of the NASDAQ Stock Market, the Financial Institutions Regulatory Authority (FINRA) and other organizations.
Timur Turlov, CEO of Freedom Holding Corp, comments on the transaction: “We are looking to expand our global presence. In doing so, we understand that a significant presence in the US market is an essential part of this strategy. This important transaction with Maxim Group will significantly accelerate our growth and help us expand our business in the United States.”
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