Deals
Stifel Agrees to Buy GMP Capital Division for $52 Million
- GMP in talks to buy 100% of Richardson GMP wealth manager
- Capital markets sale excludes GMP’s U.S. cannabis business
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Stifel Financial Corp. agreed to buy GMP Capital Inc.’s advisory and trading business for about C$70 million ($52 million), adding the core unit at one of Canada’s last publicly traded independent securities firms.
“We are merging with the best small-to-mid-cap house in the world, so the fit both culturally and product and services-wise, couldn’t be better,” GMP Capital Chief Executive Officer Harris Fricker said Monday in a phone interview. “Given our Canada-centric focus and the fact they don’t have any operations or personnel in Canada, it was a dream deal for our people.”