Investment group Freedom Holding Corp. announced the conclusion of an agreement on the acquisition of the American brokerage company MKM Partners, the holding’s press service reports.
The deal will be financed with cash and FHCR common shares, and must be approved by the US financial markets regulator FINRA to close successfully.
Founder and majority shareholder of Freedom Holding Corp. Timur Turlov said that MKM Partners has one of the largest distribution networks in the United States, and the deal will help the group to strengthen its international activities and expand its presence in the American market.
“We hope that due to the retention of key leaders in their posts and the staff of MKM Partners, the integration of our companies will be smooth,” the press service quotes one of the top managers of MKM Partners Stephen Messin.
Freedom Holding Corp. conducts operational activities in ten countries of the world – mainly in Russia and a number of countries of the former USSR. The company conducted an IPO on the Nasdaq exchange in October 2019, since then its securities have grown in value almost fivefold, from $ 14.42 to $ 64.68 apiece. Capitalization at the moment is $ 3.92 billion. In Russia, the holding is represented by IK Freedom Finance, online stock store Freedom24.ru and Bank Freedom Finance.
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