FBR Selling Stake in FBR Capital Markets
The company officially known as Friedman, Billings, Ramsey Group is splitting up with FBR Capital Markets.
The company, now doing business as Arlington Asset Investment Corp., said late last night that it plans to cut its ownership in FBR Capital Markets to 39 percent from about 56 percent by June 2. FBR Capital Markets will buy the 16,667,000 shares for $4.35 a share, or about $72.5 million.
Arlington Asset Investment CEO J. Rock Tonkel Jr. called it "a meaningful step for Arlington as it clarifies our focus as a principal investment firm and frees up capital to puruse other corporate and investment options."
The companies have agreed that FBR Capital Markets will cooperate with its former parent to sell the rest of Arlington's shares and to end some agreements.
FBR Capital Markets was spun off from FBR Group about two years ago, keeping the investment banking, institutional brokerage and asset management divisions.
May 19, 2009; 11:13 AM ET
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