RBC Capital Markets will be acquiring Daniels & Associates, L.P., the nation’s most active mergers and acquisitions adviser to the cable, telecom and broadcast industries. Completion of the transaction remains subject to regulatory approvals and other customary conditions and is expected to close in the first quarter of 2007.
Terms of the transaction were not disclosed. The proposed transaction further bolsters RBC Capital Markets’ presence in the US investment banking market while enhancing its ability to provide clients with industry-focused advice, and will allow Daniels to increase its capability to provide clients with additional services and access to public capital markets.
“By combining Daniels’ experience with our proven execution capabilities in high yield, syndicated loans, public equity, private placement and convertibles, we can together add significant value to communications, media and entertainment (CME) companies both domestically and internationally,” says Peter de Vos, the Head of RBC Capital Markets’ US Investment Banking. “This deal creates one of the strongest CME investment banking teams on Wall Street.”
Over the past six years, Daniels has completed more M&A transactions within the cable, telecommunications and broadcast sectors in the United States than any other investment bank, nearly double its closest competitor, according to data provided by Thomson Financial. The firm also has a significant presence in other areas of the media & technology industries and, in addition to its M&A expertise, specialises in corporate finance and financial advisory services both domestically and internationally.
“We are very excited about joining forces with RBC Capital Markets,” adds Brian Deevy, the Chairman & CEO of Daniels & Associates. “This transaction will allow us to provide a much broader range of services to our clients, while continuing the tradition of expert financial advice they have come to expect from Daniels.”
Daniels & Associates will be renamed RBC Daniels and will retain its current offices in Denver and New York. Brian Deevy will be CEO of RBC Daniels, and current Daniels president and COO Brad Busse will remain as president and COO of the new entity.