HSBC sells Canadian unit to Fulcrum Capital Partners
The transaction, which is subject to regulatory review and approval, is expected to close before 31 December 2011.
A report on Reuters said, “HSBC Holdings said it has agreed to sell its Canadian private equity fund management and mezzanine debts business to Fulcrum Capital Partners.”
HSBC previously revelead that it has agreed to sell the full-service investment advisory business of HSBC Securities (Canada) Inc. to a wholly-owned subsidiary of National Bank of Canada.
As at 31 August 2011, the gross assets of the business were C$199.3m, and assets under administration of the business were C$14.2bn.
The agreed purchase price, subject to adjustment for the value of working capital of the business as at closing, is C$206m.
View the report here.
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