Boutique investment bank Greenhill & Co, which has almost doubled the number of client-facing staff over the past two years, has acquired an Australia-based advisory firm as it continues a push into new markets.

The US bank has bought Caliburn Partnership for $91m (€66m) in common stock, according to a statement. Caliburn stakeholders will receive additional Greenhill stock in three years and five years if certain performance targets are met. At yesterday's trading levels, the total value of these additional shares would also be $91m.