Freedom Holding Corp. (NASDAQ: FRHC) has confirmed that the company has decided to buy MKM Partners, LLC. As per the acquisition agreement, Freedom will buy all the member interests of MKM Partners for cash and Freedom common stock. The execution of the deal is conditioned to the fulfillment of certain conditions, including authorization of FINRA.
After the execution, MKM will be headed by Robert Wotczak, as CEO, and Sagar Sheth, current president of MKM Partners. Freedom disclosed that there exists a symmetry between MKM Partners business lines and Freedom that will allow new opportunities for growth. The company is anticipating a combination of the companies to be achieved smoothly given the continuity of management and personnel at MKM Partners.
Shares of Freedom Holding Corp. (NASDAQ: FRHC) plunged 1.61% at the time of writing on Friday. The firm has recorded a trading volume of 283.71K as compared to the average volume of 395.31K during the trading session of Friday. The company has a total market capitalization of $$3.92 billion at the time of writing.
Furthermore, MKM Partners has established itself as a well-reputable institutional equity trading, sales, and research firm. With one of the largest distribution forces in the U.S. and a team of prominent strategists and research analysts, MKM will further optimize Freedom's international team and expand its activities focused on U.S. growth.