Investment company Dundee Corp. (TSX:DC.A) has struck a deal to buy the 51% of Dundee Capital Markets Inc. (TSX:DCM) it does not already own in a deal that values the brokerage at $174 million.

Dundee said it’s offering $1.25 per Dundee Capital share — a 37% premium to the stock’s closing price of 82 cents at the Toronto Stock Exchange on Wednesday prior to the announcement.

Dundee Capital was formed as a public company after Dundee sold its controlling stake in DundeeWealth to Scotiabank. DCM’s shares began trading on the TSX on Jan. 31 at 95 cents. They’ve ranged between 67 cents and $1.70 since then.

Scotiabank (TSX:BNS) has agreed to vote its shares, representing 18% of Dundee Capital’s equity, in favour of the arrangement, Dundee Corp. said.

Based on publicly available information, Scotiabank’s share of Dundee Capital would be worth $31.3 million and Dundee’s 49% share would be worth $85.3 million.

Dundee would pay about $88.7 million to buy out the other shareholders, if all accept the offer including Scotiabank.

The deal is subject to a shareholder vote in January. To pass, the offer requires a majority of votes cast by minority shareholders and a two-thirds majority of all DCM shares votes.