March 7 (Bloomberg) -- Bank of Nova Scotia agreed to buy Howard Weil Inc., the U.S. investment bank whose partners include the brother of professional football players Eli and Peyton Manning, to boost services for energy clients in the U.S.
Terms of the transaction aren’t material to Scotiabank and weren’t disclosed, the Toronto-based company said today in a statement.
Scotiabank, Canada’s third-biggest lender, has been lending in Houston for about 50 years and is expanding its investment-banking services in the U.S. energy sector. The transaction will add U.S. equity, trading and research capabilities, almost doubling the number of energy companies it covers to about 220, according to Adam Waterous, global head of investment banking.
“We will be able to grow this platform into things like alternative energy, agriculture, energy infrastructure,” Patrick Burke, Scotiabank’s head of institutional equity sales, said in a telephone interview. “This becomes our North American equities platform once this is put together.”
Howard Weil, established in 1946, has 53 employees, with offices in New Orleans and Houston. The firm’s 11 partners include Cooper Manning, the older brother of National Football League quarterbacks Peyton and Eli Manning.
“Coop’s very involved on a day-to-day basis and he’s our top salesman,” Howard Weil president Paul Pursley said in a telephone interview. “He’s flown up to Toronto, he’s met all the people.”
Howard Weil covers more than 100 companies in the energy sector, including Chevron Corp., ConocoPhillips and Exxon Mobil Corp.
The two firms had been talking “off and on” for about four years and held exclusive talks for the past 18 months, the companies said.
Scotiabank, which has operations in more than 50 countries, said acquiring Howard Weil may later help with its advisory businesses in Canada and Latin America.
Scotiabank fell 0.6 percent to C$52.63 in trading on the Toronto Stock Exchange.
To contact the reporter on this story: Sean B. Pasternak in Toronto at email@example.com