Chinese energy, finance and banking firm China Energy Company is set to buy a 19.9% stake in US financial services firm the Cowen Group.

Speaking to the Financial Times, president of the Cowen Group Jeffrey Solomon said “[w]e have been looking for strategic partners who could help us scale our business outside the US, particularly in China.”

Solomon added that China “has a burgeoning technology culture and an energy and alternative energy culture – all industries that play really well to Cowen’s strengths.

The deal is expected to close by the end of the third quarter this year but will require regulatory approval from regulators in China and the US.