GHL - Greenhill stock surges as Mizuho agrees to buy investment bank in $550M takeover

2023-05-22 10:10:57 ET

Greenhill & Co., Inc. ( NYSE: GHL ) shares skyrocketed 116% in Monday morning trading after Mizuho Financial Group ( NYSE: MFG ) agreed to buy the boutique investment bank in an all-cash deal at $15 a share, which values the firm at around $550M including debt, the companies said.

The Japanese banking behemoth, in its effort to accelerate its U.S. investment banking growth strategy, will retain Greenhill's ( GHL ) CEO Scott Bok, who will become chairman of the M&A and restructuring advisory business.

As of Friday's close, the $15 a share price represented a premium of 121% to GHL's price. The deal provides Mizuho ( MFG ) 370 more employees, and Greenhill ( GHL ) will keep operating in 15 locations across the globe.

The transaction is expected to close by the end of this year.

The Greenhill ( GHL ) business will sit within Mizuho’s banking division, led by Michal Katz, head of Banking in the Americas.

More on Mizuho Financial

• Mizuho Financial Group: Good operational Performance And Undemanding Valuation

• Mizuho Financial is said to hire some Credit Suisse traders in U.S. markets expansion

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