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Credit Suisse nears deal to buy Michael Klein's advisory firm - Bloomberg News

January 09, 2023 at 07:47 am EST

(Reuters) - Credit Suisse Group AG is close to an agreement to acquire former Citigroup executive Michael Klein's advisory boutique, Bloomberg News reported on Monday.

The Swiss bank will value M. Klein & Company at around a few hundred million dollars, the report said, citing people familiar with the matter.

Credit Suisse declined to comment on the report. M. Klein & Co did not immediately respond to a Reuters' request for comment.

In late October, Klein stepped down from the Credit Suisse board to work on the investment banking division that will be spun off and rebranded CS First Boston.

The potential deal is expected to allow M. Klein & Co. shareholders to take an eventual stake in CS First Boston using proceeds from the sale, Bloomberg said.

Klein is set to become CEO of the business in 2023, pending regulatory approvals.

(Reporting by Jaiveer Singh Shekhawat in Bengaluru. Editing by Jane Merriman)

Stocks mentioned in the article

Add to a list Add to a list 0 selected To use this feature you must be a member Log in Sign up	Price	Change	5d. change	Capi.
CREDIT SUISSE GROUP AG	0.817 CHF	-.--%	+0.84%	3.57B
CITIGROUP INC.	62.66 USD	+1.41%	+5.95%	120B
CHURCHILL CAPITAL CORP VII	10.73 USD	-0.09%	+0.19%	982M

Michael Klein

Mr. Michael R. Klein is a Chairman at Gun Violence Archive, a Chairman & Chief Executive Officer at The Sunlight Foundation, a Lead Independent Director at Tutor Perini Corp., a Chairman at CoStar Group, Inc., a Chairman at Music Associates of Aspen, Inc., a Chairman at The Shakespeare Theatre Co. and a Secretary & Director at The American Himalayan Foundation. He is on the Board of Directors at The Aspen Institute, Inc., Tutor Perini Corp., CoStar Ltd., Tapas Holdings LLC, Think Food Group LLC, The American Himalayan Foundation and N. A. A. C. P. Legal Defense & Educational Fund, Inc. Mr. Klein was previously employed as a Partner by Wilmer Cutler Pickering Hale & Dorr LLP and a Chairman by Le Paradou LLC. He also served on the board at SRA International, Inc., ASTAR Air Cargo, Inc., OZ Fitness, Inc. and SR Telecom, Inc. He received his undergraduate degree from the University of Miami, a graduate degree from Harvard Law School and a graduate degree from the University of Miami.

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