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Merchant bank Close Brothers, has acquired the remaining 55 per cent of Atlas Capital, its Spanish corporate finance associate, with an eye on expanding its debt advisory and restructuring business. The deal amount was undisclosed.

Close Brothers was an early investor in Atlas Capital, which was spun out of PwC in 2000, and has gradually upped its stake since then.

Atlas, which will be renamed Atlas Capital Close Brothers, adds 43 staff to Close Brothers' 180-strong corporate finance division. The unit has offices in Germany, France, Switzerland and Italy. It also has relationships with banks in the US, the Nordic countries and the Netherlands.

Richard Grainger, chairman of Close Brothers corporate finance, said: "Spain is a natural add-on. We think there is a lot [of restructuring work] to come out of the Spanish economy.”

León Benelbas, Atlas chairman, said: “We are delighted to be joining Close Brothers and see this as the next stage in the development of our business. The Close Brothers investment will not only allow us to penetrate the Spanish market further but it also gives us and our clients better access to international markets.”

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