Canaccord Capital Inc. acquires Adams Harkness Inc.
Date Closed
January 3, 2006
Lead Office
Vancouver
On January 3, 2006, Canaccord Capital Inc., the TSX and AIM listed parent of a leading independent full service investment dealer, completed its acquisition of Adams Harkness Inc., a privately-held institutional investment bank based in Boston, for U.S.$20 million, consisting of U.S.$8 million in cash and U.S.$12 million in common shares of Canaccord. In addition, a US$10 million retention pool of Canaccord common shares has been established to retain key Adams Harkness employees and ensure that senior management will continue in their roles. The transaction will expand Canaccord’s existing platform and create a strong base of global client offerings in three core capital markets - Canada, the U.S. and Europe.
McCarthy Tétrault advised Canaccord with a team that was led by Richard Balfour.