Beltone Financial makes New York acquisition
Beltone Financial has reportedly agreed a deal to purchase 51% of New York brokerage Auerbach Grayson & Company; the acquisition will now be submitted for regulatory approvals. This comes after Beltone raised EGP 1bn ($112.6m) on May 17th, and said it was aiming to expand its operations both inside and outside of Egypt.

Egyptian asset manager Beltone Financial to buy Auerbach Grayson

CAIRO, June 1 (Reuters) - Beltone Financial, Egypt's largest asset manager, signed an agreement to acquire 51 percent of New York-based brokerage firm Auerbach Grayson & Company, the Egyptian firm told Reuters on Wednesday.

The acquisition will be submitted for regulatory approvals and is expected to be finalized in the coming weeks, the company told Reuters in a statement.

"We are delighted to be making this investment and look forward to working with Auerbach Grayson as we expand our global reach and product offerings to the U.S. market, in addition to boosting our expansion plans in frontier markets," said Beltone Financial Chairman Sameh El-Torgoman.

Beltone Financial was advised by Beltone Investment Banking, Covington & Burling LLP in Washington DC, and Zaki Hashem & Partners in Cairo, the company said. Auerbach Grayson was advised by Berkshire Capital in New York and Sullivan & Worcester LLP in Boston.