Beltone Financial to finalize Auerbach Grayson sale in 3 months
M&A WATCH- Beltone to complete sale of Auerbach Grayson in three months: Beltone Financial Holding is expecting to wrap up the sale of its 60% stake in New York-based brokerage Auerbach Grayson in the next three months, provided the “current situation” doesn’t disrupt proceedings, the investment bank said in a regulatory filing (pdf). Beltone announced last week that it had agreed to offload its stake to an unnamed group of investors and that the transaction would be finalized after getting approval from US regulators. Due diligence has not yet been completed and the company has not yet reached an agreement on valuation, according to the statement.
Background: Beltone announced its intention to offload its majority stake in Auerbach Grayson earlier this year, citing “large losses” it had incurred since purchasing the stake in 2016. The move is part of a strategy to focus on investment banking and expand its non-banking financial services businesses in Egypt and neighboring markets.