Scotiabank has agreed to acquire Howard Weil Inc., a leading U.S.-based energy-investment boutique. “The acquisition of Howard Weil is strategically important for Scotiabank, providing not only an expansion of our product footprint in the energy sector, but also dedicated equity sales, trading and research capabilities in the U.S.,” said Mike Durland, Scotiabank group head, Global Capital Markets and co-chief executive officer, Global Banking and Markets.

“Aligning Howard Weil’s talent pool with Scotiabank’s resources in corporate banking, institutional equity and oil and gas mergers and acquisitions will strengthen our ability to provide a seamless energy platform to our clients.”

Terms of the transaction, which is subject to regulatory approvals, are not financially material to Scotiabank and were not disclosed.

“Our combined businesses will provide research coverage on over 220 energy companies while offering our investing clients an enhanced suite of product and execution services on a global platform,” said Paul Pursley, president, Howard Weil.

Established in 1946, Howard Weil is a privately held energy-investment boutique with offices in New Orleans and Houston. The firm focuses exclusively on the energy industry, providing equity research, institutional sales and trading, as well as investment-banking services. The firm provides research coverage on about 115 leading corporate clients, primarily in the U.S. It annually hosts one of the premier energy investor conferences in the industry.

Scotiabank has offices in Toronto, Calgary, Houston, New York, London, Asia and Latin America with professionals involved in all facets of the industry, including exploration and production, oilfield services, pipelines, midstream, specialty chemicals and refining. The transaction will combine Scotiabank’s capabilities in mergers and acquisitions, equity underwriting, corporate lending, and hedging with Howard Weil’s U.S. equity sales, trading and research capabilities.

“Our overall equities strategy continues to focus on global growth initiatives where we have deep sector expertise or can leverage Scotiabank’s organizational and geographic presence,” said Patrick Burke, Scotiabank managing director and head of equity. “The proposed combination with Howard Weil, with their industry leading insight and perspective into the U.S. energy sector, is consistent with our energy expertise and expanding Scotiabank’s footprint in the Americas.”

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