A tie-up between two of the City of London's best-known investment banks catering to smaller listed companies is expected to be announced on Thursday morning, Sky News learns.
The two companies have virtually identical market capitalisations of £21m and £22m respectively.Other details of the deal, including the leadership of the combined firm and which brand it would use, were unclear.
Despite their lowly valuations, the deal will be closely watched in the City by both peers and the firms' clients. A slowdown in corporate activity has driven a hunt for enhanced cost savings among brokers, with the prospects for corporate activity this year dampened by the economic backdrop. FinnCap has endured a difficult period, parting company with Sam Smith, its chief executive and one of relatively few female City bosses, last summer.
Other broking firms are expected to participate in industry consolidation, including WH Ireland, which is under siege from an activist shareholder.
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