Beltone Financial has entered into an agreement to acquire 51% of New York-based Auerbach Grayson, a brokerage house serving U.S. institutional investors in some more than 120 global markets, Beltone said in an emailed statement last night. Beltone Chairman Sameh El-Torgoman said in the statement the firm will work with Auerbach Grayson to “expand our global reach and product offerings to the U.S. market, in addition to boosting our expansion plans in frontier markets.” Auerbach Grayson has partnerships with regional brokers and banks in emerging, frontier and developed markets “with analysts in every region.” The transaction will also allow Auerbach Grayson to “expand into asset management and investment banking.” AG founder and CEO David Grayson said the transaction, “with Egyptian businessman Naguib Sawiris backing the investment, [places] Auerbach Grayson at the core of Beltone Financial’s growth strategy.”

Beltone Financial was advised by Beltone Investment Banking, Covington & Burling LLP in Washington DC, and Zaki Hashem & Partners in Cairo. Auerbach Grayson was advised by Berkshire Capital in New York and Sullivan & Worcester LLP in Boston. The acquisition, subject to regulatory approvals, is expected to close “in the coming weeks.”