Blackstone and Carlyle Group are jointly seeking to acquire investment banking and brokerage firm Morgan Keegan & Co., Financial Times reports. Another private equity group Thomas H Lee Partners is also competing to buy the firm which was put up for sale by Regions Financial Corp.
The date for the final round of bidding has not been fixed as yet. Regions appointed Goldman Sachs Group to explore options for Memphis-based Morgan Keegan in June. Previously, strategic bidders, including Stifel Nicolaus & Co. and Raymond James Financial, were also interested in buying Morgan Keegan. However, they were not in the running any more.
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