The holding company of the former Russian billionaire announced the purchase of an American investment bank. Freedom Holding, now founded by Kazakh citizen Timur Turlov, will become the owner of Maxim Group and its subsidiary. The agreement will amount to 400 million dollars.
Freedom Holding is buying US investment bank Maxim Group and its subsidiary Maxim Financial Advisors LLC, the company said in a news release. The parties have reached a final agreement on the deal, Freedom Holding said in a statement.
The deal will be worth approximately $400 million and includes deferred payments and retention bonuses. With the purchase of Maxim Group, Timur Turlov’s holding intends to develop its expansion in the US market. In 2020, Freedom Holding acquired Prime Executions, a financial institution that provides brokerage services.
The international organization Maxim Group was founded in 2002 and is headquartered in New York. Since 2013, Maxim Group has raised $80.6 billion in the capital markets, including through company IPOs.
Freedom Holding was founded by billionaire Timur Turlov. Forbes estimated his net worth at $2.4 billion in 2022. Last summer, Turlov renounced his Russian citizenship and is now a citizen of Kazakhstan.
It was previously reported that Kazakhstan’s financial regulator decided to check Freedom Holding’s transactions for possible manipulations in the bond market.
Author:
Kirill Bilyk
Source: RB
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