Freedom Holding to acquire investment bank Maxim Group for ~$400M

Freedom Holding Corp.

Total consideration includes $168M cash at closing and $112M in exchangeable units, with deferred payments and earnouts.
Maxim Group is a full-service investment bank, with business lines including investment banking, equity capital markets, and research.
Robert Wotczak named Executive Chairman of Maxim; Clifford Teller becomes CEO; Chris Fiore remains President.
Transaction expected to close in H2 2023, subject to FINRA and SEC approvals and other conditions.
Acquisition builds on Freedom's 2020 purchase of Prime Executions; expands U.S. capital markets presence.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Freedom Holding Corp. entered into Membership Interest Purchase Agreement with Maxim Partners LLC, MJR Holdings, Inc., Wallace LLC, Michael Rabinowitz valued at Total consideration up to $400 million comprising $168M cash at closing, $112M Exchangeable Units at (effective 2023-02-15).

Action: entry
Counterparty: Maxim Partners LLC, MJR Holdings, Inc., Wallace LLC, Michael Rabinowitz
Value: Total consideration up to $400 million comprising $168M cash at closing, $112M Exchangeable Units at
Effective: 2023-02-15

Exact text from the filing

On February 15, 2023, Freedom Holding Corp. (the “Company”) entered into a Membership Interest Purchase Agreement (the “Purchase Agreement”) with Maxim Partners LLC (“Partners”), MJR Holdings, Inc. (“MJR Corp.” and, together with Partners, the “Sellers”), Wallace LLC and Michael Rabinowitz as the sellers’ representative for the purchase by the Company of 100% of the membership interests of Maxim Group LLC, a leading full-service investment bank, securities, and wealth management firm headquartered in New York (“Maxim”) and its registered investment advisory affiliate Maxim Financial Advisors LLC (“MFA”) .

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Source: SEC EDGAR

accession 0000924805-23-000018

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