RBC Capital Markets to acquire Daniels & Associates.
NEW YORK AND DENVER, November 21, 2006 — RBC
Capital Markets today announced it has signed an agreement
to acquire Daniels & Associates, L.P., the nation's most
active mergers and acquisitions advisor to the cable, telecom
and broadcast industries. Completion of the transaction remains
subject to regulatory approvals and other customary conditions
and is expected to close in the first quarter of 2007. Terms
of the transaction were not disclosed.
The proposed transaction further bolsters RBC Capital Markets'
presence in the U.S. investment banking market while enhancing
its ability to provide clients with industry-focused advice,
and will allow Daniels to increase its capability to provide
clients with additional services and access to public capital
"By combining Daniels' experience with our proven execution
capabilities in high yield, syndicated loans, public equity,
private placement and convertibles, we can together add significant
value to communications, media and entertainment (CME) companies
both domestically and internationally," said Peter de
Vos, Head of RBC Capital Markets' U.S. Investment Banking.
"This deal creates one of the strongest CME investment
banking teams on Wall Street."
Over the past six years, Daniels has completed more M&A
transactions within the cable, telecommunications and broadcast
sectors in the United States than any other investment bank
- nearly double its closest competitor - according to data
provided by Thomson Financial. The firm also has a significant
presence in other areas of the media & technology industries
and, in addition to its M&A expertise, specializes in
corporate finance and financial advisory services both domestically
"We are very excited about joining forces with RBC Capital
Markets," said Brian Deevy, Chairman & CEO of Daniels
& Associates. "This transaction will allow us to
provide a much broader range of services to our clients, while
continuing the tradition of expert financial advice they have
come to expect from Daniels."
Daniels & Associates will be renamed RBC Daniels and will
retain its current offices in Denver and New York. Brian Deevy
will be CEO of RBC Daniels, and current Daniels president
and COO Brad Busse will remain as president and COO of the
"Given the industry's ongoing growth and consolidation,
we believe M&A activity will be plentiful in this particular
space," said Doug McGregor, Head of RBC Capital Markets'
Global Investment Banking and Equity Markets. "By acquiring
Daniels, we are able to offer our clients 'best in class'
services from a firm that has been a leader in this space
for nearly 50 years."
The transaction is the latest in a series of acquisitions
by RBC as it continues to build its presence in the United
States and globally. Last month, RBC Capital Markets announced
an agreement to acquire the broker-dealer business of Carlin
Financial Group, known for its proprietary trade execution
About Daniels & Associates
Founded in 1958, Daniels & Associates, L.P. is a leader
in financial services to the cable, telecommunications, media
and technology industries worldwide. Daniels assists clients
around the globe with mergers & acquisitions, private
equity & debt financings and financial advisory engagements.
Since its inception, Daniels has completed more than $100
billion in total transactions. The firm is headquartered in
Denver, Colorado and has an office in New York.
About RBC Capital Markets
RBC Capital Markets is the corporate and investment banking
arm of RBC and is active globally in debt origination, sales
and trading, foreign exchange, infrastructure finance, structured
products, metals and mining and energy. Its North American
equity underwriting, sales, trading and research business
dominates the Canadian market and supports a significant and
growing franchise in the US middle market. The firm is ranked
by Bloomberg as one of the Top 20 investment banks globally.
Certain statements contained in this
press release may be deemed to be forward-looking statements
under certain securities laws, including the "safe harbor"
provisions of the United States Private Securities Litigation
Reform Act of 1995 and in any applicable Canadian securities
legislation, and RBC Capital Markets and Daniels & Associates,
L.P. intend that such forward-looking statements be subject
to the safe-harbor created thereby. The words "may,"
"could," "should," "would,"
"suspect," "outlook," "believe,"
"plan," "anticipate," "estimate,"
"expect," "intend," "forecast,"
"objective" and words and expressions of similar
import are intended to identify forward-looking statements.
Safe Harbor Regarding Forward-Looking
By their very nature, forward-looking statements involve numerous
assumptions, and inherent risks and uncertainties, both general
and specific, and risks exist that predictions, forecasts,
projections and other forward-looking statements, including
statements about the proposed acquisition of the Daniels &
Associates, L.P. business by RBC Capital Markets, will not
be achieved. We caution readers not to place undue reliance
on these statements as a number of important factors could
cause our actual results to differ materially from the beliefs,
plans, objectives, expectations, anticipations, estimates
and intentions expressed in such forward-looking statements.
These factors include, but are not limited to, the possibility
that the proposed transaction does not close when expected
or at all because required regulatory or other approvals are
not received or other conditions to the closing are not satisfied
on a timely basis or at all; that RBC Capital Markets and
Daniels & Associates, L.P. may be required to modify the
terms and conditions of the proposed transaction to achieve
regulatory approval; or that the anticipated benefits of the
transaction are not realized as a result of such things as
the strength of the economy and competitive factors in the
areas where the Daniels & Associates, L.P. business does
business; the impact of changes in the laws and regulations
regulating broker-dealers, investment advisers and enforcement
thereof (including securities); judicial judgments and legal
proceedings; RBC Capital Markets' ability to complete the
acquisition of the Daniels & Associates, L.P. business
and to integrate it with RBC Capital Markets successfully;
reputational risks; and other factors that may affect future
results of RBC Capital Markets and the Daniels & Associates,
L.P. business, including changes in trade policies, timely
development and introduction of new products and services,
changes in tax laws and technological and regulatory changes.
We caution that the foregoing list of important factors is
Neither RBC Capital Markets nor Daniels & Associates,
L.P. assume any obligation to update any forward-looking statements
contained in this press release.
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For further information, please contact:
Kevin Foster, RBC Capital Markets, 212-428-6902, firstname.lastname@example.org
Katherine Gay, RBC Capital Markets, 416-974-6286, email@example.com
Beja Rodeck, RBC, 416-974-5506, firstname.lastname@example.org
Bill Fowler, Daniels & Associates, 303-778-5513, email@example.com
Marcia Moffat, RBC, 416-955-7803, firstname.lastname@example.org
Dave Mun, RBC, 416-955-7808, email@example.com