Guggenheim Partners LLC has agreed to acquire LBB Securities LLC, the U.S. broker/dealer of Landesbank Baden-Wurttemberg (LBBW). The transaction, subject to review by the Financial Industry Regulatory Authority, is expected to close at the beginning of April. Terms of the deal were not disclosed.
LBBW Securities was founded in 2007 as a wholly owned subsidiary of LBBW, specializing in repurchase agreements, securities lending and other financing transactions. It is largely recognized for its dealings in U.S. government bonds, U.S. agency debentures and mortgage-related securities, with a growing presence in both U.S. corporate and equity securities.
"In LBBW Securities we saw a great opportunity to acquire a firm that complements our current business and broadens our reach,’ says Paul Friedman, chief operating officer of Guggenheim Securities, the investment banking and capital markets unit of Guggenheim Partners.
LBBW will maintain its branch in New York and continue to support German companies and their subsidiaries in the U.S. and Canada. The branch will also remain active in U.S. commercial real estate finance.
SOURCE: Guggenheim Partners