Greenhill (NYSE:GHL) stock is taking off on Monday thanks to news of an acquisition deal with Mizuho Financial Group (NYSE:MFG).
This deal has Mizuho agreeing to pay $15 per share in cash for GHL stock. This has the total value of the deal reaching $550 million when including Grenhill’s debt. The price also represents a roughly 121.2% premium for GHL shares based on Friday’s closing price.
When the deal closes, Greenhill will continue to operate under its current brand. It will also maintain its leadership team and Greenhill’s 15 global locations. The main difference is that Greenhill will operate as the restructuring advisory business of Mizuho Financial Group.
Scott Bok, Chairman and CEO of Greenhill, said the following about the news:
“[C]lients will now benefit from access to the wide range of financing, capital markets and other products offered by Mizuho, one of the world’s leading banks. Our employees will see little change in their day-to-day work and will benefit from access to Mizuho’s vast global client base as well as its broad range of products.”
GHL Stock Movement Today
With news of the acquisition comes heavy trading of GHL stock today. As of this writing, more than 2 million shares have been traded. That’s well above the 81,000 shares the company trades on average each day.
GHL stock is up 116.4% as of Monday morning.
Investors seeking more of the latest stock market news will want to stick around!
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
