Aug 1 Boutique investment bank Evercore Partners Inc is nearing an agreement to buy equity research and trading firm International Strategy & Investment Group LLC, the Wall Street Journal reported.
The deal, expected to be announced on Monday, would be an all-stock transaction that could value ISI at about $400 million, the Journal said, citing people familiar with the matter. (on.wsj.com/1ofCcoG)
Evercore and ISI were not immediately available to comment.
The acquisition would result in about 15 percent job cuts across Evercore's equity business and ISI, the Journal reported.
ISI would be merged with Evercore's equity trading and research business and named Evercore ISI Institutional Equities, the Journal said. (Reporting by Avik Das in Bangalore; Editing by Don Sebastian)