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5 months ago
Ex-Barclays CEO Diamond agrees to buy stockbroker Panmure Gordon with Qataris
March 17, 2017 / 9:50 AM / 5 months ago

Ex-Barclays CEO Diamond agrees to buy stockbroker Panmure Gordon with Qataris

LONDON, March 17 (Reuters) - Former Barclays chief executive Bob Diamond's private equity firm and an investment vehicle of the Qatari royal family said on Friday that they have agreed to buy British stock broker Panmure Gordon.

Atlas Merchant Capital and QInvest said they have reached a deal which would value Panmure Gordon at around 15.5 million pounds ($19.16 million).

Qinvest already owns 43 percent of Panmure Gordon, a 141-year-old stockbroker and investment bank which focuses on small and mid-sized UK companies.

If successful the bid would see Bob Diamond's first involvement with a City of London firm since he left Barclays in 2012 during the Libor scandal.

Panmure Gordon has been struggling in recent years, posting a loss of 4.1 million pounds in 2015. It said in a trading update on Jan 9 that it expected to report a profit for 2016. ($1 = 0.8089 pounds) (Reporting by Clara Denina; Editing by Rachel Armstrong)

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