Under the terms of the deal, the Miami-based investment banking and real estate business firm and a majority shareholder, Berliner Effektengesellschaft AG, a German public financial holding company, sold their holdings in Ladenburg Thalman & Co. Inc. for about 18 million shares of GBI Capital's publicly traded common stock, $10 million in cash and $10 million principal amount of convertible notes.
In exchange, New Valley stockholders now own about 52.5% interest in GBI Capital, which now becomes Ladenburg Thalmann Financial Services. The new entity will trade across the American Stock Exchange under the stock symbol LTS.
The transaction is not expected to have an impact on New Valley's commercial real estate operations in Russia, which it operates through the subsidiaries Western Realty Development and BrookeMil Ltd.
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