March 29, 2017 / 12:35 PM / 4 months ago

CEFC China to buy 20 pct stake in U.S. brokerage Cowen

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March 29 (Reuters) - Chinese conglomerate CEFC China said on Wednesday it would acquire an about 20 percent stake in U.S. brokerage Cowen Group Inc for about $100 million.

CEFC China has also agreed to provide Cowen with $175 million in debt financing, the companies said.

CEFC will pay $18 for each Cowen Class A share, representing a 29.5 percent premium to the stock's Tuesday close. (Reporting by Sruthi Shankar in Bengaluru; Editing by Saumyadeb Chakrabarty)

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