The Balloch Group completes C$4 million sale to Canaccord Financial
Date Closed
January 17, 2011
Lead Office
Toronto
Value
4.00 Million CAD
On January 17, 2011, Canaccord Financial Inc. (“Canaccord") announced the completion of its acquisition of The Balloch Group and certain of its affiliates (“TBG”), a leading boutique investment bank in China. The business will begin operating as Canaccord Genuity Asia effective immediately.
As previously disclosed, Canaccord agreed to purchase TBG for C$4.0 million, and has established an equity incentive plan for its principal employees that will provide for an additional payout of up to 1,187,847 Canaccord common shares (C$13.5 million based on an issue price of $11.3651). These shares will be earned over five years in proportion to meeting revenue targets totaling C$100 million for Canaccord’s operations in Asia.
Through its principal subsidiaries, Canaccord Financial, headquartered in Vancouver, British Columbia, is a leading independent, full-service financial services firm, with operations in two principal segments of the securities industry: wealth management and global capital markets.
McCarthy Tétrault LLP represented The Balloch Group, the target, with a team led by Graham Gow.