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Stifel Financial acquires most of GMP Capital's capital markets business

Stifel Financial Corp. completed the acquisition of substantially all of GMP Capital Inc.'s capital markets business.

Stifel Financial paid a cash consideration equal to the net tangible book value of the purchased business at the time of closing, plus a premium of C$40 million. Pursuant to the terms of the asset purchase agreement between Stifel Financial and GMP Capital, the premium was subject to a C$5 million reduction resulting from certain specified adjustments prior to closing, according to a news release.

Concurrent with the closing of the deal, GMP Capital's board announced the resignation of Harris Fricker, former president and CEO of GMP Securities LP, as a director. Following the announcement, the board will consist of eight directors.

The board declared a one-time return of capital distribution of 27.5 Canadian cents per common share, to be paid Dec. 31 to shareholders of record Dec. 16.

GMP Capital's sale of the capital markets business is part of the company's efforts toward transforming into a publicly traded pure-play wealth management firm.

Immediately following the closing of the sale, GMP Capital's assets consist of its 34.4% ownership interest in Richardson GMP Ltd., C$31.1 million in preferred share investments in Richardson GMP and net working capital in the range of C$156 million to C$166 million, prior to the payment of return of capital and allowance for transaction-related costs and operating losses up to the date of closing. GMP Capital remains in discussions with Richardson Financial Group Ltd. to consolidate 100% of the ownership of Richardson GMP, according to the news release.

GMP Capital will continue to provide carrying broker services to Richardson GMP and Stifel Canada as RF Securities Clearing LP.