GlobalNetFinancial restructuring paves way for M&A

GlobalNetFinancial restructuring paves way for M&A

Financial Internet portal GlobalNetFinancial has appointed Italian investment bank Twice Corporate to advise on M&A opportunities following a major restructuring of the company's operations.

The move aligns like assets into three wholly owned subsidiaries: GlobalNet Capital Markets Corporation, holding the online and offline broker dealer operations in the US, Canada and Europe; GlobalNet Media Corporation, holding the media content websites in North America and Europe; and, GlobalNet Financial Services, holding business-to-business transactional application services, the private labeling services business, and businesses supporting Independent Financial Advisors.

Tom Hodgson, CEO of GlobalNet, comments:"This reorganisation of our operations into three distinct business units will support our desire to be one of the consolidators in the financial sector of the Internet space. It allows us to entertain merger and acquisition opportunities in the media sector, in the securities industry, and in the IFA sector and Internet infrastructure sector as independent opportunities."

In line with the restructuring, GlobalNet has also announced the appointment of Twice Corporate, the Italian investment-banking firm, to assist it and advise it in reviewing merger and acquisition opportunities in each of these three sectors, and considering strategic alliances with dominant industry players.

Comments: (0)