Mizuho Financial Group today confirmed a definitive agreement to buy boutique investment bank Greenhill & Co in an all-cash transaction at $15 per share, reflecting an value of $550 million, in a bid to build out its global investment banking platform and expand its US presence.
Through the transaction Mizuho will accelerate its investment banking growth strategy, building on the NYSE-listed Greenhill’s 27-year history of advising important clients on significant mergers & acquisitions, restructurings and capital raising transactions.
Following completion of the transaction, Greenhill will operate globally from its 15 locations around the world as the M&A and restructuring advisory business of Mizuho. That business will maintain the Greenhill brand, and the existing Greenhill leadership team will remain in place.
Greenhill chairman and CEO Scott L. Bok will become chair of the M&A and restructuring advisory business at Mizuho, while current Greenhill co-presidents Kevin Costantino and David Wyles will become co-heads of the business. Greenhill will sit within Mizuho’s banking division, led by Michal Katz, head of banking in the Americas. The firm’s 370 employees will all join Mizuho.
“Greenhill is a proven industry leader, and its team has led many of the largest and most complex transactions for clients globally, across a wide range of sectors,” said Jerry Rizzieri, President and CEO, Mizuho Securities USA. “Mizuho is committed to the expansion of its investment banking platform, and we are excited for the Greenhill team and brand to become a core pillar of this strategy.”
Masahiro Kihara, president and group CEO of Mizuho Financial Group, and Shuji Matsuura, chairman and CEO of Mizuho Americas, said in a joint statement: “Our Banking division today serves over 1,300 clients in the Americas and 900 in Europe, as well as over 70 percent of all listed companies in Japan. We look forward to making Greenhill’s M&A and restructuring capabilities available to our clients, and to offering our full range of solutions to Greenhill’s clients. The transaction represents an important strategic milestone, and we plan to continue to invest in the growth of our global banking franchise.”
The transaction is expected to close by year end and is subject to approval by Greenhill stockholders, as well as required regulatory approvals and other customary closing conditions.
©Markets Media Europe 2023
