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BRIEF-GMP Capital Announces Sale of Capital Markets Business to Stifel Financial Corporation

Published 2019-06-17, 07:18 a/m
BRIEF-GMP Capital Announces Sale of Capital Markets Business to Stifel Financial Corporation
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June 17 (Reuters) - GMP Capital Inc GMP.TO :

* GMP CAPITAL INC. ANNOUNCES SALE OF CAPITAL MARKETS BUSINESS TO STIFEL FINANCIAL CORPORATION

* GMP CAPITAL INC - ALL CASH TRANSACTION

* GMP CAPITAL INC - STIFEL WILL ACQUIRE BULK OF GMP'S CAPITAL MARKETS BUSINESS FOR CASH CONSIDERATION

* GMP CAPITAL INC - AS OF APRIL 30, 2019, PURCHASE PRICE WOULD HAVE BEEN APPROXIMATELY $70 MILLION

* GMP CAPITAL INC - GMP WILL BE REQUIRED TO PAY A BREAK FEE OF $2.625 MILLION IN EVENT AGREEMENT IS TERMINATED IN CERTAIN CIRCUMSTANCES

* GMP CAPITAL INC - INTENDS TO CONTINUE TO PAY REGULAR DIVIDENDS AT CURRENT RATE

* GMP CAPITAL INC - EFFECTIVE AT CLOSING OF TRANSACTION, HARRIS FRICKER, CEO OF GMP, AND OTHER KEY PERSONNEL HAVE AGREED TO JOIN STIFEL.

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