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Mizuho to invest $120 million in Evercore Partners

Mizuho to invest $120 million in Evercore Partners

Japan's Mizuho Corporate Bank said Thursday it would invest US$120 million in U.S. investment firm Evercore Partners Inc., as Japanese banks continue to make aggressive moves to expand overseas.
Mizuho said in a statement it would also form an alliance with Evercore in the area of mergers and acquisitions, with business focused on deals between North America and Japan. Mizuho Securities Co. and its unit Bridgeford Group, Inc. will also be part of the alliance.
The Japanese bank said it would receive senior notes in Evercore, as well as warrants to purchase stock that would give it 14.7 percent of Evercore's voting rights. Senior notes take priority to other forms of debt sold by the issuer.
The investment comes as Japan's banks continue to invest in their peers overseas.
In January, Mizuho Corporate Bank placed US$1.2 billion with Merrill Lynch & Co. through a preferred share purchase. And earlier this week Mitsubishi UFJ Financial Group Inc., Japan's largest bank, said it had agreed on a US$3.5 billion tender offer to buy the portion of U.S. unit UnionBanCal Corp. that it doesn't already own.


Updated : 2021-06-18 08:32 GMT+08:00