GMP CapitalInc. has completed the acquisition of FirstEnergy Capital Corp., a provider offinancial advisory and investment services based in Calgary, Alberta.
GMP Capital combined its existing energy franchise withFirstEnergy and rebranded it as GMP FirstEnergy. FirstEnergy CEO John Chamberswill serve as president of the combined energy business. FirstEnergy ChairmanJim Davidson will assume the role at GMP FirstEnergy.
Upon closing, GMP Capital issued 11,161,671 of its commonshares to FirstEnergy shareholders, with the remaining balance of theconsideration to be paid to FirstEnergy shareholders in the form of a five-yearpromissory note. A significant portion of the common shares issued toFirstEnergy shareholders are subject to an escrow agreement and will vest overa four-year period.