Jul. 23, 2012 (China Knowledge) - CITIC Securities Co<600030
><6030>, China's largest listed brokerage firm, announced on the weekend that it has agreed to buy the entire stake in losing CLSA Asia-Pacific Markets from Credit Agricole Indosuez for US$1.25 billion in total.
The deal on the first acquisition of a western securities firm by a Chinese brokerage firm, will be done through CITIC Securities International Co, a wholly-owned subsidiary of CITIC Securities.
CITIC Securities said in a statement that it would firstly buy a 19.9% stake in Hong Kong-based
CLSA Asia-Pacific Markets for US$310.3 million, and will spend US$941.7 million to buy the remaining 80.1% stake.
In 2011, CLSA Asia-Pacific Markets suffered a loss of US$10 million and its revenue fell 2.9% to US$739 million.