TORONTO - Shares of GMP Capital Inc. soared after the Toronto-based financial services firm agreed to sell the bulk of its capital markets business to Stifel Financial Corp. in a deal worth roughly $70 million. Stifel, based in St. Louis, Missouri, will acquire substantially all of GMP’s capital markets business excluding the U.S. cannabis sector and certain clearing businesses, it said in a statement on Monday. After the transaction closes, GMP plans to make its wealth management business the core of its growth strategy going forward. ARTICLE CONTINUES BELOWThe deal also excludes GMP’s 33 per cent stake in Richardson GMP Ltd, a Canadian wealth management firm. The Toronto-based firm also said Monday that its board is in talks with Richardson Financial Group Ltd., management of Richardson GMP and other stakeholders to acquire the share of the wealth management firm it does not already hold.

Source: thestar June 17, 2019 12:22 UTC