U. S. investment bank Greenhill & Co acquired the Australian corporate advisory firm Caliburn Partnership Pty. Ltd. in a deal worth as much as $A219.03 million. This move of the U. S. investment bank is seen as a part of its strategy to expand its business in the Asia region. The acquisition of Caliburn would provide Greenhill a major presence in Australia.

"Caliburn significantly expands our capabilities in energy, mining, financial services, consumer and many other important sectors," said Scott Bok, co-chief executive of Greenhill.

According to the deal, Greenhill will pay around $S91 million for 1.1 million common shares of Caliburn. This would make Greenhill the 100% stakeholder in Caliburn. Apart from this Greenhill will also issue 1.1 million performance stocks to Caliburn. These performance stocks will convert to common stock if Caliburn managed to generate annual revenue of $A50 million over five years. However, Caliburn reported total revenue of $A68 million last year. The deal is expected to close in early April this year.

As per the terms of the deal, Caliburn will be known in Australia and New Zealand as Greenhill Caliburn. Also, all six managing directors and 40 staff of Caliburn will reportedly work for Greenhill now.