The US-listed organization has made several acquisitions in recent years, including the American wealth management arm of Barclays, the UK bank.

Stifel Financial Corp, the US-listed firm which has acquired several wealth businesses in recent years, has agreed to buy substantially all of the capital markets business of Canada’s GMP Capital, the investment banking franchise, in an all-cash deal. One media report (Bloomberg) claimed that the move would eventually produce a “pure play” Canadian wealth manager.

Founded in 1995, GMP’s capital markets business offers corporate clients and institutional investors services including equity capital raising, mergers and acquisitions expertise, institutional sales and trading and research services through offices in Canada and the UK.

Under the terms of the definitive agreement, Stifel will acquire the bulk of GMP’s capital markets business, excluding the US cannabis and certain clearing businesses, for cash consideration to be determined at closing, calculated as the tangible common equity of the business, plus a premium of $33.8 million (C$45.0 million), subject to adjustment. As of April 30, 2019, the purchase price would have been approximately $52 million (C$70 million).

Harris Fricker, GMP’s chief executive, and other senior figures at his firm, have agreed to join Stifel.

Keefe, Bruyette & Woods, a Stifel Company, acted as financial advisor to Stifel in the transaction, with Sullivan & Cromwell LLP serving as legal counsel. Lazard Canada acted as financial advisor to GMP’s Special Committee and Sheumack & Co. GMA, provided its opinion to GMP’s special committee, with Stikeman Elliott LLP serving as legal counsel to GMP’s special committee and Goodmans serving as legal counsel to GMP.

Stifel has acquired a number of businesses in recent years. In October 2017, Stifel agreed to acquire Ziegler Wealth Management, a subsidiary of BC Ziegler & Company. In September 2016 Stifel bought City Financial and its City Securities subsidiary for an undisclosed sum. In late 2015 it completed its acquisition of the US wealth and investment management arm of Barclays; in 2014, it acquired Legg Mason Investment Counsel & Trust; and in November 2015 it acquired Eaton Partners, the global fund placement and advisory firm.