Gerova buys Seymour Pierce, Ticonderoga Securities

NEW YORK

Gerova Financial Group Ltd. on Tuesday said it will acquire Seymour Piece Holdings Ltd. and take the London-based investment bank's name.

Gerova, a reinsurance and financial services firm based in Hamilton, Bermuda, will also acquire Ticonderoga Securities, a New York institutional broker-dealer.

Financial terms were not disclosed for either deal, but both were described as all-stock transactions. Both acquisitions require regulatory approval.

The combined companies will have more than 210 employees in London and New York.

Gerova also said it will change its New York Stock Exchange ticker to reflect its new moniker. It will trade under "SPL" instead of "GFC" after the acquisition is complete.

Gerova was established in January through the completion of nine simultaneous private equity acquisitions. Seymour Pierce traces its history to 1803.

In midday trading, the lightly traded Gerova shares leaped $5.50, or 26 percent, to $27.