Freedom Holding (NASDAQ:FRHC) was trading ~13% up pre-market after the financial services firm said it is set to acquire Maxim Group and its registered investment advisory affiliate Maxim Financial Advisors for ~$400M.
The consideration price will be made in a combination of cash and shares.
CEO of Freedom’s U.S. operations, Robert Wotczak, will be appointed executive chairman of Maxim Group and its units.
Maxim President Clifford Teller will be promoted to the post of CEO.
Want to publish your own articles on DistilINFO Publications?
Send us an email, we will get in touch with you.
The company said it continues its strategy of acquisitions following its 2020 purchase of the institutional trading firm Prime Executions.
Source: Seeking Alpha