Hong Kong-listed DL Holdings Group has announced its full acquisition of a multi-family office service provider.
DL Holdings Group has acquired the remaining 55 percent stake in DL Family Office for HK$220 million ($28 million), according to a statement, in a deal that includes HK$70 million in cash and HK$150 million in promissory notes. This follows the former firm's acquisition of a 45 stake in the latter firm earlier this year.
The acquisition of DL Family Office as a wholly-owned subsidiary will allow DL Holdings to emerge as the «foremost asset management and financial services platform in Hong Kong, with a primary focus on multi-family office services», the firm said.
Three Factors
According to DL Holdings chairman Andy Chen, there are three factors underpinning the acquisition: DL Family Office's track record; a substantial increase in management scale, client base, revenue and profits; as well as synergies with the existing securities, asset management, real estate and research divisions.
Headquartered and listed in Hong Kong, DL Holdings is a financial firm that also has offices in Shanghai, San Francisco and Singapore. Its offering includes investment banking services, securities trading, financial advisory, multi-strategy investment fund management, investment research and financial loans. The group currently has over $3 billion in assets under management, including nearly $2.1 billion from DL Family Office.
