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TORONTO - The National Bank of Canada confirmed reports April 15 that it will acquire San Francisco-based investment banking boutique Putnam Lovell Securities Inc., expanding into the U.S. market and taking what it called "a step forward in the global arena."
Terms of the long-expected deal were not disclosed, but unsourced Canadian newspaper reports have estimated the purchase price at $80 million in cash and stock, including retention bonuses for Putnam staff. The price is at the low end of estimates by analysts in the U.S. for the privately held company.
Lorie Haber, executive vice president at investment subsidiary National Bank Financial Inc., which is making the purchase, said in an interview that the price included retention bonuses but would not provide details.
"It's not material financially from the bank's point of view," Haber said. "It's a private transaction, and we paid a fair price, and we'll respect the privacy of the sellers."
National Bank's managing director of mergers and acquisitions, Vincenza Sera, was financial adviser on the deal. Brian Davis at Torys led a team of...