UK investment banks Cenkos and finnCap to merge in 21.1 mln pounds deal (updated)

Cavendish

23/03/2023 07:20

(Adds deal value, details)
       March 23 (Reuters) - London-listed investment banks
Cenkos Securities  CNKS.L  and finnCap Group  FCAP.L  will merge
in an all-stock deal worth 21.1 million pounds ($26 million),
the companies said in a combined statement on Thursday.
    Cenkos shareholders will get 3.19420647 finnCap shares in
exchange for each share they hold, valuing each Cenkos share at
37.13 pence, the companies said.
    Cenkos shares closed at 39 pence on Wednesday.
    Shareholders of each bank will hold about 50% of the entire
issued ordinary share capital of finnCap.
    Both Cenkos and finnCap have similar market capitalizations,
at around 21.1 million pounds and 21.05 million pounds,
respectively, according to Refinitiv Eikon data.
 
 ($1 = 0.8113 pounds)

 (Reporting by Prerna Bedi in Bengaluru; Editing by Savio
D'Souza)
 ((Prerna.Bedi@thomsonreuters.com; +91 98052 24616;))