First Albany Cos. Inc. said Thursday it agreed to acquire Descap Securities Inc., a New York broker-dealer and investment banking firm specializing in mortgage-backed securities.
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The Albany, N.Y., investment banking and asset management firm said it would pay about $32 million for the employee-owned Descap. Its future financial performance, however, could sweeten the deal, a First Albany spokesman said.
KeyBank of Cleveland provided a $20 million term loan to finance the deal, which is expected to close in the next two months.
