GTCR to exit Convergex [Reuters]
Cowen Inc. - Class A (COWN)
Last cowen inc. - class a earnings: 4/29 07:01 am
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Source: Reuters
April 3, 2017 By Iris Dorbian GTCR has agreed to sell Convergex Group to Cowen Group for a consideration of $116 million in cash and Cowen stock. Morgan Stanley served as financial adviser to Cowen while Willkie Farr & Gallagher LLP provided legal advice. And, Freeman & Co. LLC and Kirkland & Ellis LLP advised Convergex on the transaction. Based in New York, Convergex is a global brokerage and trading-related services provider. PRESS RELEASE New York, NY, April 3, 2017 — Cowen Group, Inc. (NASDAQ:COWN) (“Cowen” or the “Company”) today announced the signing of a definitive agreement under which Cowen will acquire Convergex Group, LLC (“Convergex”) from private equity firm GTCR, Bank of New York Mellon, and other shareholders, for a total consideration, less certain closing adjustments, of $116 million in cash and Cowen common stock. Upon closing, the transaction will position Cowen as the leading independent trading platform in equities
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