Freedom Holding announced that it has reached a definitive agreement to acquire Maxim Group and its registered investment advisory affiliate Maxim Financial Advisors , for a combination of cash and common stock. Including deferred payments and retention bonuses, the total consideration for the acquisition will be approximately $400M. Timur Turlov, CEO of Freedom Holding Corp., stated, "We are committed to growing our global footprint, and we recognize that having a significant U.S. presence is an important part of this strategy. Adding Maxim to our group as a trusted partner through this cornerstone transaction will turbocharge our growth as we continue to expand our U.S. operations." Once the transaction is complete, Robert Wotczak, Chief Executive Officer of Freedom’s U.S. operations, will be appointed Executive Chairman of Maxim Group and its subsidiaries, Clifford Teller will be promoted to Chief Executive Officer, and Chris Fiore, one of the Founders of Maxim Group, will remain as President.
Published first on TheFly
