Japanese financial giant Nomura (NMR) has snatched up Lehman’s (LEH) Asian businesses, the FT reports.
Nomura is buying Lehman’s entire regional franchise, which spans investment banking, fixed income and equities. However, for technical reasons the deal does not cover Lehman’s South Korean operations, although Nomura is expected to acquire those at a later date.
News of the deal will come as a massive relief to Lehman’s 3,000 staff in Asia, half of which are located in Nomura’s heartland of Tokyo.
The deal comes as people close the situation said that Nomura could also announce on Monday it is acquiring some of Lehman’s European operations.
Nomura clinched the Asia deal because it bid aggressively and Lehman’s management was reassured by their integration plans, according to people familiar with the matter.
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