UBS Investment Bank is set to purchase ABN AMRO’s futures and options business for $386 million in addition to net tangible assets, UBS announced Thursday.
ABN AMRO’s futures and options business offers global clearing and execution services.
Pending regulatory approval, the deal is expected to close in the third quarter of 2006. Once finalized, UBS will integrate the acquisition into its prime services business within the firm’s equities business.
“Today’s announcement accelerates our organic growth strategy to become the ‘scale’ player in a market that continues to witness significant participant consolidation,” says Huw Jenkins, Chairman and CEO of UBS.