Macquarie confirms Tristone buy

Macquarie Group overnight announced plans to buy Tristone Capital Global Inc, a nine year old Canadian energy investment bank, for C$116 million.

Macquarie will pay Tristone's shareholders C$57 million in cash when the deal closes and C$59 million in exchangeable shares, up to a total of four million shares over five years.

Select Tristone employees will receive $15 million in "retention securities" in the form of exchangeable shares and options, to be released on the third, fourth and fifth anniversaries of close if the staff member continues to work there.

Tristone employs about 170 staff in Calgary, London, Houston, Denver and Buenos Aires.

Macquarie bought Orion Financial, another Canadian investment house, in 2007.