Daiwa Securities SMBC Europe, a London-based subsidiary of Japanese investment bank Daiwa Securities SMBC Co, has acquired Close Brothers Corporate Finance for £75 million in cash. 

Daiwa Securities SMBC Europe, a London-based subsidiary of Japanese investment bank Daiwa Securities SMBC Co, has acquired Close Brothers Corporate Finance for £75 million in cash.

Close Brothers Corporate Finance will continue to trade under its existing name for up to 12 months. Stephen Aulsebrook will remain as chief executive of the corporate finance firm, reporting to Mr Ikuo Mori, who becomes chairman of the company on completion of the deal.

Aulsebrook said: “We are experiencing a period of significant growth across Europe as a result of our proven expertise in handling complex situations in debt restructuring and M&A. I am delighted that Daiwa SMBC Europe recognises the value of Close Brothers Corporate Finance and has clear plans to invest in the continued expansion of the business across Europe, as well as maintaining our independent advisory business model.”

The acquisition is subject to regulatory approval.