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Canaccord Genuity Group to sell Singapore unit

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Canaccord Genuity Group to sell Singapore unit

said April 8 that it agreed to sell Canaccord Genuity Singapore Pte. Ltd. toSAC Capital Private Ltd. for an undisclosed sum.

CanaccordGenuity will receive upfront cash consideration as well as certain additionalpayments based on the value of net tangible assets and deferred considerationcalculated with reference to the future cash flows arising from the existingbusiness.

Further,the agreement allows for referrals of business opportunities in relation toongoing capital markets activities in Singapore.

Theagreement is subject to certain conditions, including approval from theMonetary Authority of Singapore.

Thedeal is expected to close in May.