Close Brothers has sold its securities business in Germany to Oddo & Cie for €46 million ($58.4 million), subject to regulatory approval.

Close Brothers has sold its securities business in Germany to Oddo & Cie for €46 million ($58.4 million), subject to regulatory approval.

Close Brothers said in a statement that the proceeds will be reinvested in its core businesses of lending, wealth management and securities trading in the UK. The firm expects to record an exceptional profit of approximately £10 million ($16.05 million) on completion of the deal.

Oddo & Cie said in a separate statement that the new company will be named Oddo Seydler.

“I am particularly pleased with this acquisition which takes place in a climate of strong trust with René Parmantier’s teams. We are about to bring a privileged access on the Mittelstand to our current clients and to offer to German family businesses a way of reaching worldwide investors,” said Philippe Oddo, managing partner of Oddo & Cie.

Frankfurt-based Seydler provides equity and debt capital markets services, securities trading and research primarily in German small and mid-sized companies. For the year ending 31 July 2014, the business reported profit after tax of £5 million.