Religare to buy UK's Hichens for $110 mn: Media

Reuters
Posted online: Wednesday, March 26, 2008 at 1423 hrs IST

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Mumbai, March 26: Indian financial services firm Religare Enterprises Ltd will buy London-based broking firm, Hichens, Harrison & Co for $110 million, a senior official told a television channel on Wednesday.

The purchase will be funded through a mix of cash, equity and debt, Managing Director and Chief Executive Officer, Sunil Godhwani said.

"Its a great business model and we are very keen to explore this opportunity," he said.

Hichens, Harrison is a merchant banker in the UK and Religare, through this deal, gets license to operate in UK, Dubai, South Africa, Singapore, Indonesia, Brazil and other emerging Markets, he said.

"Its truly a lifetime opportunity that we have been looking for to get us in the global arena," he said adding its part of its exercise to build the institutional side of the business.

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Religare to buy UK's Hichens for $110 mn: Media

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