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Apr

03

Cowen Group to Buy Brokerage Firm Convergex for $116 Million

By Tony Seruga

Jeffrey M. Solomon, the Cowen Group president, said he expected the purchase to increase the firm’s global reach. CreditBrendan McDermid/Reuters

The Cowen Group said on Monday that it had agreed to acquire the brokerage firm Convergex Group as it looks to bolster its sales and trading business.

The New York financial services company said that it would pay $116 million in cash and stock to acquire Convergex from the private equity firm GTCR, Bank of New York Mellon and other investors.

The deal for Convergex came just days after Cowen announced it had agreed to sell a 19.9 percent stake in itself to CEFC China Energy, a Chinese conglomerate with big investments in oil in Central Africa…

Cowen Group to Buy Brokerage Firm Convergex for $116 Million

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