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B. Riley Financial completes FBR acquisition

B. Riley Financial Inc. has completed its acquisition of FBR & Co. following approval from both companies' shareholders and from regulators.

FBR Chairman and CEO Richard Hendrix has assumed the role of CEO of the combined investment banking and brokerage business, which will operate as a subsidiary of B. Riley.

FBR common shares will cease trading on the Nasdaq exchange before market open on June 2.

Sullivan & Cromwell LLP provided legal counsel to B. Riley Financial, while Wachtell Lipton Rosen & Katz served as FBR's legal adviser.