SINGAPORE, April 8, 2016 /PRNewswire/ -- Canaccord Genuity Group Inc. ("Canaccord Genuity", the "Company") (TSX: CF) and SAC Capital Private Limited ("SAC Capital") today announce a transaction whereby SAC Capital will acquire 100 percent of the ordinary shares of Canaccord Genuity Singapore Pte Ltd. ("CGSPL"). Both parties have entered into an arrangement which allows for referrals of business opportunities in relation to ongoing capital markets activities in Singapore.
Upon completion of the transaction, SAC Capital will assume management and control of the CGSPL entity and operations, including staff and clients. For the sale of this non-core asset, Canaccord Genuity will receive upfront cash consideration and further payments based on the value of net tangible assets and deferred consideration calculated with reference to the future cash flows arising from the existing business.
"This transformational transaction reinforces our position as a leading provider of corporate finance advisory, fund raising, underwriting and share placement services in Singapore and makes SAC Capital the second largest independent provider of Catalist continuing sponsorship services," said Mr Ong Hwee Li, CEO and Executive Director of SAC Capital Private Limited.
This transaction provides Canaccord Genuity with the opportunity to provide more focus for its Asia-Pacific operations, which complement the broader global capabilities of its capital markets and wealth management businesses in North America and the UK & Europe. The aggregate consideration is not material to the group.
"Following an extensive due diligence process, Canaccord Genuity determined SAC Capital to be a reputable and stable operator in the Singapore market," said Dan Daviau, President & CEO of Canaccord Genuity Group Inc. "The partnership we announce today allows for a seamless transition and was formed in the best interests of clients and employees."
The transaction is subject to completion of certain closing conditions, including regulatory approval from the Monetary Authority of Singapore and is expected to close in May 2016.
ABOUT CANACCORD GENUITY GROUP INC.:
Through its principal subsidiaries, Canaccord Genuity Group Inc. (the "Company") is a leading independent, full-service financial services firm, with operations in two principal segments of the securities industry: wealth management and capital markets. Since its establishment in 1950, the Company has been driven by an unwavering commitment to building lasting client relationships. We achieve this by generating value for our individual, institutional and corporate clients through comprehensive investment solutions, brokerage services and investment banking services. The Company has offices in 10 countries worldwide, including Wealth Management offices located in Canada, Australia, the UK, Guernsey, Jersey, and the Isle of Man. Canaccord Genuity, the international capital markets division, operates in Canada, the US, the UK, France, Ireland, Hong Kong, China, Australia and Dubai. To us there are no foreign markets.TM
Canaccord Genuity Group Inc. is publicly traded under the symbol CF on the TSX.
ABOUT SAC CAPITAL PRIVATE LIMITED
Founded in 2004, SAC Capital Private Limited is a leading, independent, financial services firm with strong capabilities in corporate finance advisory and IPOs, underwriting and share placement, Catalist sponsorship and mergers and acquisitions. SAC Capital is widely recognized in both the Singapore public and private markets for its outstanding reputation for being efficient and highly effective, delivering only the best for clients and investors. SAC Capital has completed over 15 fund raisings and 120 advisory transactions, and brokered several sell-side M&As. With its three core principles of integrity, trust and confidence, SAC Capital strives to build long lasting, trusted relationships with its employees, clients and investors that deliver exceptional services.
For investor and media relations inquiries: Christina Marinoff, Vice President, Investor Relations & Communications, Phone: 416-687-5507, email: christina.marinoff@canaccord.com
