Russian investment bank Renaissance Capital has completed its acquisition of BJM Securities, the brokerage business of South Africa's Barnard Jacobs Mellet (BJM) Group.

According to Renaissance Capital, all regulatory and other consents were received, and shareholders representing approximately 78% of BJM’s issued ordinary share capital voted in favor of the proposed acquisition.

Renaissance Capital will pay up to $27.3m for BJM Securities.

Clifford Sacks, CEO South Africa and head of pan-African equities at Renaissance Capital, said: “The combination of a leading independent brokerage in South Africa with award-winning research franchise and Renaissance Capital’s unparalleled expertise in capital markets and M&A, complemented by our unique access to global emerging markets creates a powerful platform across research, sales and trading in Africa’s largest economy.”

Renaissance Capital entered Africa in 2007, and currently maintains offices in Nigeria, Kenya, Zambia and Ghana. The firm entered South Africa in February 2010.