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Cowen shares rise after CEFC China Energy agrees to buy equity stake

Cowen Group Inc. shares rose March 29 following news of CEFC China Energy Co. Ltd.'s agreement to buy a 19.9% stake in the company for about $100 million.

The Chinese energy company agreed to pay $18 per share for Cowen, about a 29.5% premium to the company's closing share price of $13.90 on March 28. CEFC China will also provide $175 million in debt financing to Cowen as a part of the deal.

Cowen said it plans to use the proceeds from the equity investment to pay back its 8.25% senior notes due 2021 and fund other growth opportunities at the company and its subsidiaries.

As of 10:38 a.m. ET, shares of Cowen Group were up 5.94% to $14.73.