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March 24, 2009

Reuters: UBS sells WM branches in America

By Spear's

March 23 (Reuters) – Stifel Financial Corp (SF.N) said it would acquire up to 55 branches of UBS Wealth Management Americas to expand across the United States in a deal that will boost the investment bank’s profit in the first year.

March 23 (Reuters) – Stifel Financial Corp (SF.N) said it would acquire up to 55 branches of UBS Wealth Management Americas to expand across the United States in a deal that will boost the investment bank’s profit in the first year.

St. Louis-based Stifel said its main unit — brokerage Stifel, Nicolaus & Co Inc — entered into an agreement with Swiss bank UBS AG’s (UBSN.VX) (UBS.N) U.S. brokerage unit, UBS Financial Services, to buy the branches for an upfront cash payment of about $27 million.

The deal also includes annual earn-out payments for the two-year period following the closing of the transaction and aggregate payments of up to $19 million for net fixed assets and certain employee incentives.

To read the full article, visit reuters.com
 

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