Australia's Macquarie to purchase Fox-Pitt Kelton

AUSTRALIA&rsquo;S biggest investment bank Macquarie will buy US firm Fox-Pitt Kelton for $130m (&pound;81m) in a push to expand its presence in North America and Europe.<br /><br />As part of the deal, part of the cash consideration will be deferred over four years following financial closure, Macquarie said in a statement. The investment bank will also assume $16.7m of long-term liabilities.<br /><br />The transaction will take the combined global financial institutions&rsquo; research offering to 765 stocks globally and double the stock coverage in US and European securities, Roy Laidlaw, global head of Macquarie securities group platforms, said.<br /><br />Macquarie, the world&rsquo;s largest investor in public infrastructure, expects to close the deal by the end of the fourth quarter of 2009. The firm has moved to increase its presence on Wall Street and has hired even as US firms slashed jobs.