NEW YORK Cowen Group Inc (COWN.O) has agreed to acquire privately held Dahlman Rose & Co LLC, adding the energy, metals and mining, transportation, chemicals and agriculture sectors to the boutique investment company's specialties.
Cowen said on Friday that the acquisition would expand its sector focus in new areas which it believes will be active for capital raising over the foreseeable future.
Cowen's core sectors include health care, technology, media, telecommunications, consumer, aerospace and defense/industrials and real estate investment trusts (REITs).
Terms of the all-stock deal were not disclosed. The transaction is expected to close at the end of the first quarter and is subject to customary closing conditions and regulatory approval, Cowen said.
Boards of both companies approved the definitive agreement.
(Reporting By Ilaina Jonas; editing by Carol Bishopric)