PNC Financial Services Group in Pittsburgh has agreed to buy Charlotte, N.C., broker-dealer Aqueduct Capital Group.
PNC said in a press release that it expects to buy Aqueduct in mid-summer. The price wasn’t disclosed.
Aqueduct, a placement agent focused on raising capital for private equity, private credit and real asset managers, was founded in 2003.
“This acquisition is complementary to existing capital advisory capabilities provided through PNC’s subsidiary Harris Williams and will enable us to expand our ability to serve the global capital needs of the private equity industry,” Michael Thomas, PNC’s head of corporate and institutional banking, said in a press release.
Keefe, Bruyette & Woods advised Aqueduct. Wachtell, Lipton, Rosen & Katz and King & Spalding advised PNC.