CITIC?Securities agreed on Monday to buy the remaining 80.1 percent shares of CLSA Asia-Pacific Markets for $941.7 million after a deal in July that acquired 19.9 percent of the Hong Kong-based brokerage.
Related: CITIC Securities buys CLSA for $1.25b
The purchase has been approved by the board directors of CITIC Securities and a transfer agreement was signed on Monday with France's Crédit Agricole SA and CASA BV, the parent companies of CLSA, according to a statement from CITIC Securities.
Funds for the acquisition will be raised by CITIC Securities International, including a capital increase by CITIC Securities and loans. CITIC Securities will also provide warranty for the transaction.
The purchase marked a solid step taken by the Shenzhen-headquartered CITIC Securities in its internationalization process. According to the statement, the two sides have reached an agreement to share research results and to intensify cooperation in the stock market as well as mergers and acquisition consulting.
weitian@chinadaily.com.cn
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