Merrill Lynch to acquire Petrie Parkman & Co
Merrill Lynch has cemented a deal to acquire Petrie Parkman & Co, an investment bank specializing in mergers and acquisitions, asset and private company divestitures, corporate finance, and equity research for the North American oil and gas industry.
The proposed transaction will combine Merrill Lynch's investment banking capabilities with the specialized exploration and production energy expertise of Petrie Parkman, and leverage the commodities trading business of Merrill Lynch Commodities Inc (MLCI). Merrill Lynch believes that the deal will improve its ability to provide clients with capital markets expertise, industry-focused strategic advice and ability to effectively mitigate commodity price and other risks. In addition, the transaction will allow Merrill Lynch to further expand the breadth and depth of its energy research coverage. The combination of Merrill Lynch's broad energy capabilities with the specialized oil and gas expertise of Petrie Parkman will enable us to provide outstanding services to energy clients around the world, said Greg Fleming, president of Merrill Lynch's global markets & investment banking group. Financial terms were not disclosed.
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