Sumitomo Mitsui In Talks for Stake In Marathon Capital
Sumitomo Mitsui Said In Talks for Stake In Marathon Capital
(Bloomberg) -- Sumitomo Mitsui Financial Group Inc. is in talks to acquire a minority stake in Marathon Capital LLC, an independent investment bank that specializes in clean power, infrastructure and sustainable technology transactions, according to people with knowledge of the matter.
The deal would include a strategic collaboration agreement between Sumitomo Mitsui Banking Corp. and Marathon, said one of the people, all of whom requested anonymity discussing the information. No deal has been finalized. If one is reached, it may be announced in coming weeks, one of the people said.
A representative for Tokyo-based Sumitomo Mitsui declined to comment. A Marathon representative declined to comment.
Marathon was founded in 1999 by CEO Ted Brandt. The Chicago-based firm has advised on transactions including an investment by Carlyle Group Inc. in Complete Solar and Manulife Investment Management’s roughly $400 million equity investment into Silicon Ranch, a solar developer, its website shows.
Foreign banks have increasingly sought to bulk up in the U.S., which is widely considered as having the deepest global fee pool. Sumitomo Mitsui last July announced a strategic alliance with Jefferies Financial Group Inc. which included the provision of a credit line to the New York firm’s leveraged finance operations and an agreement to buy a stake of as much as 4.9% in the U.S. lender.
Elsewhere, Sumitomo Mitsui rival Mizuho Financial Group Inc. plans to hire bankers to build its businesses with U.S. non-investment grade companies and leveraged buyout financing.
Nomura Holdings Inc. in 2020 acquired Greentech Capital Advisors, a boutique investment bank focused on sustainable technology and infrastructure. In 2018, Daiwa Securities Group Inc. formed DC Advisory by acquiring and combining investment banking firms Sagent Advisors and Signal Hill.
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