Mon, 10/11/2008 - 06:01
Icap, the world's largest voice and electronic interdealer broker, has agreed to acquire independent Brazilian broker Arkhe Distribuidora de Títulos e Valores Mobiliários for an initial USD17m, through its wholly-owned subsidiary Icap do Brasil Distribuidora de Títulos e Valores Mobiliários.
Established in 2000, Arkhe has its headquarters in Rio de Janeiro and an office in São Paolo. The group has a brokerage staff of 100 and offers brokerage services in BM&F Bovespa derivatives and agricultural commodities, foreign exchange options, OTC products and Brazilian government and corporate bonds.
In addition to the initial consideration, Icap will pay Arkhe's shareholders an additional amount in the future subject to the performance of the business. After completion of the deal, which is subject to regulatory approval, it is expected that the senior management and staff of Arkhe will remain with the business within the Icap group.
Motta, Fernandes Rocha - Advogados provided legal advice to Icap in relation to the acquisition, while Arkhe was advised by Dutra Leite e Brandao Cavalcanti Advogados and Pinheiro Guimarães Advogados.
'We're very pleased to have reached an agreement to acquire Arkhe, our longstanding partner and one of the top-ranked brokerage firms on the BM&F Bovespa Exchange,' says Doug Rhoten, chief executive of Icap Americas.
'Arkhe has a well-established presence in Brazil, an extensive customer base, and a state-of-the-art trading floor. Its platform melds nicely with our own strengths, and with Icap's core strategy of expanding our Latin America footprint organically and with selected acquisitions.'
The Icap Americas group currently generates substantial revenues in Brazilian products through its North America offices, the group says. Brazil accounts for two-thirds of the industry's revenue potential in South America and has experienced substantial growth in the past few years. Icap already has a significant presence in Latin America, with offices in Argentina, Brazil, Chile, Colombia, Ecuador and Mexico.
'Arkhe is a well-established financial services company with talented management and staff and longstanding client relationships,' says the Brazilan firm's chairman Marcos Bodin. 'We have known Icap for many years, and today's union creates a perfect combination where our strengths and experience will complement Icap's.'
Icap is a voice and electronic interdealer broker and a source of global market information and commentary for professionals in the international financial markets. The group is active in the wholesale markets in interest rates, credit, energy, foreign exchange and equity derivatives, and has an average daily transaction volume exceeding USD1.5trn, more than 60 percent of which is electronic.
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