A worker is seen at the headquarters office of Beltone Financial in Cairo, Egypt, October 26, 2015 (Reuters)
Beltone Financial, Egypt's largest asset manager, signed an agreement to acquire 51 percent of New York-based brokerage firm Auerbach Grayson & Company, the Egyptian firm told Reuters on Wednesday.
The acquisition will be submitted for regulatory approvals and is expected to be finalized in the coming weeks, the company told Reuters in a statement.
"We are delighted to be making this investment and look forward to working with Auerbach Grayson as we expand our global reach and product offerings to the U.S. market, in addition to boosting our expansion plans in frontier markets," said Beltone Financial Chairman Sameh El-Torgoman.
Beltone Financial was advised by Beltone Investment Banking, Covington & Burling LLP in Washington DC, and Zaki Hashem & Partners in Cairo, the company said. Auerbach Grayson was advised by Berkshire Capital in New York and Sullivan & Worcester LLP in Boston.
Beltone Financial's board agreed to a 1 billion Egyptian pound ($112.6 million) capital increase on May 17, aimed at expanding the company's operations both inside and outside of Egypt. The Cairo stock exchange delayed approving the request on May 25 until Beltone provided a reason, the exchange said.