JPMorgan To Pay $1.7B For Cazenove Stake In UK Outfit

Law360, New York (November 19, 2009, 3:28 PM EST) -- JPMorgan Chase & Co. has agreed to pay £1 billion ($1.7 billion) to buy Cazenove Group Ltd. out of its half-stake in the companies' joint venture investment banking operations in the United Kingdom, which would give the financial giant complete ownership of the nearly 200-year-old brokerage.

The deal — a stock acquisition that values Cazenove's shares at £5.35 ($8.90) each — will make JPMorgan Cazenove a wholly owned part of the New York-based banking giant, the companies announced Thursday.

The move to acquire the rest of...
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