Reuters: Deals: Taiwan's China Development to buy brokerage for $1.85 billion

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Taiwan's China Development to buy brokerage for $1.85 billion Apr 6th 2012, 00:27 TAIPEI | Thu Apr 5, 2012 8:27pm EDT TAIPEI (Reuters) - China Development Financial Holding (2883.TW) will buy up to 100 percent of KGI Securities (6008.TWO) in a cash and stock deal worth T$54.6 billion ($1.85 billion), as it shifts to investment banking business. China Development, a leader in Taiwan's venture capital business, will buy a 50.1 percent to 100 percent stake of KGI, it said in a statement late on Thursday. Investors of KGI will get T$5.5 in cash and 1.2 shares of China Development for every KGI share they own, it said. The deal, subject to regulatory approval, would help China Development gain the No.1 spot in the underwriting market, a local newspaper reported. On Thursday, shares of China Development ended at T$8.35 and KGI at T$11.40.

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