Leading Egyptian investment bank, Beltone Financial Holding, announced on Wednesday that it has signed an agreement to acquire 51% of Auerbach Grayson & Company LLC, a New York-based brokerage firm specialising in global trade execution and exclusive in-depth research on developed, frontier and emerging markets for US institutional investors.
The acquisition will be submitted for regulatory approvals and is expected to be finalised in the coming weeks. Closing the deal is contingent on securing various approvals.
“We are delighted to be making this investment and look forward to working with Auerbach Grayson as we expand our global reach and product offerings to the US market, in addition to boosting our expansion plans in frontier markets” Beltone chairperson Sameh El-Torgoman said.
“Our agreement with Beltone will enable Auerbach Grayson to expand our overseas coverage in the European and Gulf markets, giving us broader reach in our core agency brokering and capital markets distributions,” said David Grayson, founder and CEO of Auerbach Grayson. “We are excited about the opportunities this partnership will bring to our business. Egyptian businessman Naguib Sawiris is backing the investment, placing Auerbach Grayson at the core of Beltone’s growth strategy.”
Auerbach Grayson built its global coverage network by establishing partnerships with local and regional brokers and banks in emerging, frontier and developed markets worldwide with analysts in every region. The firm provides US.institutional investors with trade execution and in-depth local equity research from its local partners. Auerbach Grayson recently expanded into US block trading, global block trading and global programme trading groups. Through its partnership with Beltone, the firm will expand into asset management and investment banking.
Beltone Financial was advised by Beltone Investment Banking, Covington & Burling LLP in Washington DC, and Zaki Hashem & Partners in Cairo. Auerbach Grayson was advised by Berkshire Capital in New York and Sullivan & Worcester LLP in Boston.