31 03 2016

Cowen to Acquire Businesses from CRT Capital

Willkie Farr & Gallagher LLP acted as legal advisor to Cowen. Macquarie Capital served as financial advisor to CRT and Sidley Austin LLP acted as legal advisor to CRT.


Cowen Group, Inc. (NASDAQ:COWN) and CRT Capital Group LLC announced the signing of a definitive agreement pursuant to which Cowen and Company will acquire CRT’s credit products, credit research, special situations and emerging markets units. This transaction positions the acquired business, which will be named Cowen Credit Research and Trading, as a leader in distressed debt, special situations and emerging markets. CRT will use the proceeds from the transaction to invest further in its Equities, Banking and Rates businesses. Cowen Group, Inc. is a publicly owned asset management holding company. The company, led by Peter Anthony Cohen, Jeffrey Marc Solomon, Stephen A. Lasota, John J. Holmes and Owen S. Littman, is based in New York. The transaction positions the acquired business, which will be named Cowen Credit Research and Trading, as a leader in distressed debt, special situations and emerging markets. CRT provides security brokerage and research services to over 1,500 institutional accounts with established counterparty relationships around the world. CRT, which was founded in 1989, has offices in Stamford, CT and New York, NY. Cowen Group is a diversified financial services firm that provides alternative asset management, investment banking, research, and sales and trading services. Its two business segments are Ramius and affiliates, which make up the company’s alternative investment segment, and Cowen and Company and affiliates, which comprise the company’s broker-dealer segment. The Willkie deal team was led by partners David Boston (Picture) and Danielle Scalzo. Involved fees earner: David Boston - Willkie Farr & Gallagher; Danielle Scalzo - Willkie Farr & Gallagher;

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