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| Straumur to acquire businesses from Landsbanki Iceland's Straumur-Burdaras Investment Bank (Straumur) and Landsbanki Islands (Landsbanki) have signed an agreement, whereby Straumur acquires, subject to the approval of relevant regulatory and competition authorities, the majority of Landsbanki's overseas corporate finance and brokerage platforms for a consideration of €380m. Straumur acquires 100% of Landsbanki Securities (UK) Limited and Landsbanki Kepler, as well as Landsbanki's 84% stake in Merrion Landsbanki. The consideration for this acquisition will be settled by cash, a subordinated debt issue and a sale of loans. Following this transaction, the bank's capital position continues to be extremely strong with a CAD ratio in excess of 20%. These acquisitions complement and significantly broaden the depth and reach of Straumur's already substantial European corporate finance and brokerage operations. The three firms being acquired employ some 680 people in 9 European countries and the United States, which transforms Straumur and its affiliates' into an organisation employing 1.200 people in 18 countries. The combined revenues of the three companies being acquired amounted to €232m in 2007 and the combined profit before tax was €30m. write your comments about the article :: © 2008 Construction News :: home page |