Kirkland & Ellis and Gide Loyrette Nouel are advising on the first major acquisition by a Chinese brokerage of a foreign-owned competitor.
CITIC Securities Company Limited, China’s largest brokerage by market value and revenue, has agreed to pay $1.25 billion for Hong Kong-based brokerage CLSA Asia-Pacific Markets in two phases. The Beijing-based brokerage last week bought a 20 percent stake in CLSA from Crédit Agricole for $310.3 million, and is now exercising an option to buy the remaining 80 percent stake for $941.7 million. The option is subject to regulatory and shareholder approvals.
