Hedge fund shop Ramius Capital Group is merging with publicly traded investment bank Cowen Group to form a diversified financial services company. The new entity will retain the Cowen Group name.
Ramius and affiliate owner UniCredit Group will receive 37.54 million and 2.71 million shares, respectively, of Cowen common stock, representing 71.24% of the new company on a fully diluted basis. Cowen shareholders will own approximately 28.76% of the new company.
UniCredit is part of the deal because of its 50% ownership stake in the Ramius fund of funds business. The new public company will issue shares to