Seymour Pierce, Gerova Financial exploring merger – FT

Dec 7 (BestGrowthStock) – British investment bank Seymour Pierce Ltd
is in advanced talks to merge with U.S.-based reinsurer Gerova
Financial Group (GFC.N: ), Financial Times said, citing people
familiar with the talks.

The deal, which could be announced this week, would create a
New York-listed investment bank and insurer worth $600 million,
according to the newspaper.

The deal values Seymour Pierce at about 40 million pounds
and is expected to be paid for in Gerova shares, the paper said.

A Seymour Pierce spokesman declined to comment on FT report
to Reuters. Gerova Financial could not immediately be reached
for comment by Reuters outside regular U.S. business hours.

The combined entity would be called Seymour Pierce Inc,
which would be involved in investment banking, asset management
and insurance, the FT said.

The FT also said the deal would enable Seymour Pierce to
make further acquisitions of London’s smaller stockbrokers.
(Reporting by Abhinav Sharma in Bangalore; Editing by Louise
Heavens)

Seymour Pierce, Gerova Financial exploring merger – FT