UK-listed investment bank and stockbroker Blue Oar has acquired Astaire & Partners, a City of London-based independent agency stockbroker and private client discretionary fund manager.

The deal is worth £1.67 million ($3.28 million) comprising £1.5 million in cash payable on completion and 1.3 million Blue Oar shares at 13p per share.

In a regulatory statement, the company says that Astaire offers a comprehensive range of traditional stockbroking services and has developed a global network of counterparties through which it services its broad range of international clients.

The business was formed in 1960 as a stockbroking partnership and became the second London stockbroker to become a full member of the Hong Kong Stock Exchange as well as being a founder shareholder of Euroclear.

Astaire also has established significant business connections in Singapore and Malaysia which Blue Oar says will serve as a valuable compliment to its presence in Australia.

In the year ended 30 August 2007, Astaire had audited revenues of £3.1 million and made a profit before tax of £0.5 million on a normalised basis. As at 31 May 2008 Astaire is anticipated to have net assets of £0.9 million.