- Freedom Holding ( NASDAQ: FRHC ) was trading ~13% up pre-market after the financial services firm said it is set to acquire Maxim Group and its registered investment advisory affiliate Maxim Financial Advisors for ~$400M.
- The consideration price will be made in a combination of cash and shares.
- CEO of Freedom's U.S. operations, Robert Wotczak, will be appointed executive chairman of Maxim Group and its units.
- Maxim President Clifford Teller will be promoted to the post of CEO.
- The company said it continues its strategy of acquisitions following its 2020 purchase of the institutional trading firm Prime Executions.
- Source: Press Release
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Freedom Holding rises after announcing acquisition of Maxim Group, unit for ~$400M