Deutsche Bank’s Numis acquisition a step closer to completion following AGM
Numis shareholders waved through Deutsche Bank’s takeover offer in its annual general meeting today.
The vote passed through the court meeting with nearly 98 per cent support and secured the approval of over 99.9 per cent of shareholders at the AGM.
The scheme empowers the board to take all necessary actions to complete the deal.
The takeover is expected to complete in the fourth quarter of this year.
Deutsche Bank announced in April that it had agreed to buy London-based investment bank Numis for £410m, a premium of 72 per cent to Numis share price before the offer was made.
The deal reflects Deutsche Bank’s commitment to the UK investment banking market despite the general shift away from dealmaking among global banks. In its statement, the bank said Numis would allow it to deepen its footprint in the UK.
Speaking to City A.M. earlier this year Tiina Lee, Deutsche Bank’s UK head, noted that the UK still had the largest wallet in EMEA despite concerns around the City’s prospects.
The tie-up was one of the largest examples in the consolidation of smaller investment banks in the UK and around the world as smaller investment banks are rocked by a deals slowdown and an M&A drought.
Cenkos and Finncap in the UK were among the mid-market investment banks to consolidate this year in a merger, while Investec took a majority stake in European boutique dealmaking firm Capitalmind a few weeks ago.