Japan's Daiwa buys Irish M&A advisory IBI as part of global expansion

Daiwa Securities

07/11/2023 07:37

TOKYO, Nov 7 (Reuters) - Daiwa Securities Group  8601.T 
said on Tuesday it had acquired Dublin-based boutique M&A
advisory firm IBI Corporate Finance as Japan's second-largest
brokerage and investment bank aims to boost its advisory
business globally.
    Daiwa did not disclose the value of the deal, but the Nikkei
business daily estimated it at more 10 million euros ($10.7
million).
    The acquisition of IBI is part of Daiwa's plan to increase
global merger and acquisition (M&A) revenue by 50% to at least
70 billion yen ($465.4 million) in eight years. IBI was
established in 1966 and has workforce of 28.
     Daiwa's focus has been on M&A advisory for mid-cap deals
worth between 50 billion yen and 100 billion yen, a segment
relatively sheltered from inflation-driven market turbulence. It
now has nearly 700 M&A bankers in 23 locations.

($1 = 0.9350 euros)
($1 = 150.4100 yen)

 (Reporting by Makiko Yamazaki; editing by Miral Fahmy)
 ((Makiko.Yamazaki@thomsonreuters.com; +81-3-4563-2805;))