JPMorgan Chase & Co acquired Cazenove Group Limited for Cazenove shareholders to receive GBP 5.35 per share, valuing Cazenove at about GBP 1 billion and the joint venture at about GBP 2 billion, a transaction announced in November 2009, structured as all cash. The deal was a Buyout of joint-venture stake.
Cazenove Group Limited operates in Investment banking (UK / EMEA), is based in London, United Kingdom. JPMorgan agreed to buy out the remaining stake in J.P. Morgan Cazenove, the UK investment-banking joint venture it had formed with Cazenove Group five years earlier and in which it already held a roughly 49.99% interest. Cazenove ordinary shareholders were to receive GBP 5.35 per share. The enlarged business continued to operate under the J.P. Morgan Cazenove brand, and JPMorgan combined the venture's cash equities and research operations with its existing EMEA business.
Full ownership provided certainty for stakeholders and let JPMorgan integrate a leading UK investment-banking brand and its EMEA equities and research operations.
J.P. Morgan Cazenove (UK investment banking); cash equities and research combined into EMEA operations
Our joint venture with J.P. Morgan has been a great success; benefiting our clients, our shareholders and our people.David Mayhew, Chairman, J.P. Morgan Cazenove
Five years ago, J.P. Morgan and Cazenove agreed to combine their talented people and prestigious brands.Jes Staley, CEO of J.P. Morgan's investment bank
Advisory firms were not disclosed for this transaction.