Panmure Gordon merges with Liberum to create 'UK's largest investment bank'
At completion, the combined entity will be rebranded to Panmure Liberum.
In a stock exchange filing today (16 January), the companies said the combined entity will be rebranded to Panmure Liberum.
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The merger will also be supported by specialist investor Atlas Merchant Capital, which will provide «substantial financial backing» and the liquidity to support its long-term strategic goals, the two investment banks explained.
However, they did not reveal how much Atlas would be investing in Panmure Liberum, nor how much the all-share merger will be worth.
Until the deal is completed, the two investment banks will continue to operate as standalone entities, they explained.
The two companies said the enlarged group will benefit from cost and revenue synergies, with the balance sheet strength to «invest in growth and diversification opportunities».
They descried the merger as «highly complementary», as the two investment banks have «minimal overlap» across corporate clients and sector expertise.
Once combined, Panmure Liberum also plans to introduce new business lines to its offering, which will include debt advisory services, they said.
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The board of the combined business will comprise of: Shane Le Prevost, the founder of Liberum as non-executive chair, Rich Ricci, Panmure's current CEO will take on the same role at the new firm, Bidhi Bhoma is the CEO of Liberum and will become deputy CEO, David Parsons, Liberum's executive chair will become head of equities and Richard Morecombe, president of Panmure will stay in the role and become and head of origination and business
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