EUROPE - Close Brothers Corporate Finance acquired by Daiwa for £75m

London-based Close Brothers Corporate Finance will continue to trade under its existing name for up to 12 months and will work as a stand alone business in alliance with Daiwa SMBC's other international corporate finance operations.

Under the terms of the deal, Ikuo Mori, previously senior managing director and head of international operations at Daiwa SMBC, will become chairman of Close Brothers Corporate Finance. Stephen Aulsebrook will remain chief executive of the corporate advisory company.

The acquisition, which is still subject to regulatory approval, is expected to provide Daiwa with access to European markets, increasing the firm's European business and revenues as well as diversifying its earning streams. Daiwa also hopes that the transaction will further develop its service areas and faciliate cross-border deals.

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