Announced
Financials
Tags
security services
Diversified Financials
Pending
Public
China
brokers
Acquisition
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Private Equity
Synopsis
Citic Securities Co. signed a preliminary agreement to buy smaller rival Guangzhou Securities, the latest in a series of acquisitions by China’s largest brokerage. Citic Securities plans to fund the purchase by issuing shares to the current owners of Guangzhou Securities — Hong Kong-listed Yuexiu Financial Holdings Group and one of Yuexiu’s wholly-owned units, according to a filing to Shanghai stock exchange.
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