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Standard Chartered Plc, London, (London: STAN) plans to acquire Harrison Lovegrove & Co. Ltd., London, for an undisclosed price.
Harrison Lovegrove is a global oil and gas M&A advisory boutique, with operational offices in London, Moscow, Kuala Lumpur, Perth, Calgary and Houston and a research center in Washington. Harrison Lovegrove has advised on successful transactions totalling approximately US$20 billion and has represented both national oil companies and the supermajors as well as independent oil companies. The Harrison Lovegrove business is complementary to Standard Chartered's existing oil and gas corporate advisory capabilities.
Standard Chartered chief executive, wholesale banking, Mike Rees says, "We are delighted to welcome the team from Harrison Lovegrove to Standard Chartered. Together, we will provide clients globally with a unique blend of strategic, financial and technical advice underpinned by our strong financial product capabilities and insights into our key geographical markets."
V. Shankar, group head of client relationships, says, "This acquisition builds substantial scale in our corporate finance business and further expands our capabilities in the global oil and gas sector to market-leading levels. By leveraging Standard Chartered's franchise, we expect to generate significant business growth with the combined business, further adding to an already successful track record in the sector."
Harrison Lovegrove CEO Martin Lovegrove says, "We very much welcome the opportunity to become part of Standard Chartered. The combined team will be one of the market leaders in banking services for the global oil and gas sector and together, we will be able to offer our clients a wide range and depth of services; Standard Chartered is the perfect fit for us."
The deal is expected to close by late October.
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