Seeking Alpha

Evercore to acquire research-focused brokerage for up to $440M

  • Evercore Partners (NYSE:EVR) has agreed to acquire International Strategy & Investment Group (ISI), a research-focused brokerage. The former will pay up to 8M of its shares for the business, valuing ISI at more than $400M - based on Evercore’s stock price of $50.13.
  • Evercore is only paying 30% of the total up front, with the remainder to be paid over five years if the business meets profitability targets.
  • As part of the transaction, Evercore intends to merge ISI with its own institutional equities business, a separate subsidiary which is 40%-owned by employees. More than 90% of the payment will go to ISI, which is majority-owned by founder Ed Hyman.
  • The deal is expected to be announced as soon as tomorrow.
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