Kazakh Freedom Holding Corp. acquires US based Maxim Group LLC

Kazakhstan Materials 18 February 2023 10:22 (UTC +04:00)
Emin Sevdimaliyev
Emin Sevdimaliyev
Read more

BAKU, Azerbaijan, February 18. Freedom Holding Corp., a multinational financial services firm headquartered in Astana, Kazakhstan, announced that it reached an agreement with Maxim Group LLC, an investment firm based in New York, on acquiring the group, Trend reports, citing the press service of Freedom Holding.

Including deferred payments and retention bonuses, the total consideration for the acquisition will be approximately $400 million. Completion of the transaction, however, is subject to certain conditions and the receipt of required regulatory approvals.

Acquiring Maxim group will enable Freedom Holding to expand its presence in the US. Previously, the company acquired Prime Executions, Inc., an institutional trading firm operating in New York.

Timur Turlov, CEO of Freedom Holding Corp., said that boosting the company’s presence in the US is an important part of the strategy.

“We are committed to growing our global footprint, and we recognize that having a significant U.S. presence is an important part of this strategy. Adding Maxim to our group as a trusted partner through this cornerstone transaction will turbocharge our growth as we continue to expand our U.S. operations”, Turlov noted.

Freedom Holding Corp. is a financial services holding company conducting retail financial securities brokerage, investment research, investment counseling, securities trading, investment banking and underwriting services, mortgages, insurance, and consumer banking through its subsidiaries under the name of Freedom Finance in Europe and Central Asia. The CEO of the company is the seventh richest person in Kazakhstan, according to Forbes.