European Wealth Group has secured approval from FINRA for its acquisition of American broker-dealer Newbridge Securities and its affiliate investment adviser firm Newbridge Financial Services Group.
European Wealth will carry out the final stages of due diligence on Newbridge in order to explore whether the remaining closing conditions can be satisfied.
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This includes an assessment of the availability of provisions for existing and future liabilities.
“There is no guarantee that the transaction will close,” European Wealth said in a statement.
The deal was first announced in October 2017. At that time, European Wealth said that the deal will boost its assets by around $1.7bn. The combined entity is expected to manage around $4bn in assets and have 20,000 clients.
The deal is being structured as European Wealth’s acquisition of KPI US Holdco, which in turn will buy 100% of Newbridge.
