Toronto-based Canaccord Genuity Group Inc. has completed its previously announced deal to boost its stake in its Australian business, the wealth management and investment banking firm announced Friday.
The acquisition increases Canaccord’s ownership stake in Canaccord Genuity (Australia) Ltd. to 80% from 50%. The Australian firm provides wealth management services in Australia, and operates a mid-market investment bank in Australia and Hong Kong
In June, Canaccord announced plans to acquire the additional 30% stake for $34.5 million (A$36 million) using a mix of cash, stock and debt.
Canaccord acquired its initial 50% stake in a firm, which was previously known as BGF Capital Group Pty Ltd., in 2011. Following that deal, the firm took Canaccord’s name, but remained 50% owned by its original shareholders.