U.S. bank JPMorgan Chase & Co is likely to seal its purchase of the half of Cazenove it does not own for just under 1 billion pounds ($1.7 billion) on Thursday, people familiar with the matter said.

JPMorgan is expected to pay about 500 pence per Cazenove share, the people said, valuing the 50 percent stake at 940 million pounds and all of the 190-year-old UK brokerage at double that.

JPMorgan bought half of Cazenove five years ago and created the JPMorgan Cazenove joint venture.

David Mayhew, the chairman of JPMorgan Cazenove who has the ear of the bosses of dozens of top UK firms, and Naguib Kheraj, chief executive, will get key roles at the U.S. bank, the sources said.

So too will the heads of the three core areas: Alan Carruthers, head of equities; Ian Hannam, head of corporate finance; and Charles Harman, head of capital markets.

JPMorgan and Cazenove declined to comment.

Mayhew, who joined Cazenove in 1969, is in line for an 18 million pound payday, based on his ownership of 3.6 million ordinary shares. Top dealmakers such as Carruthers and Hannam are also in line for millions of pounds.

Cazenove shares do not trade on the open market but can be bought or sold on an internal market during narrow windows twice a year. They last traded at about 260 pence in March.

The stockbroker prides itself on its deep and strong ties across the City of London, and many of its bankers have been at the firm for decades and stand to reap a windfall from a deal.

Just under half of Cazenove's shares are owned by current staff, about 9 percent is owned by institutions and the rest are owned by former partners.

(Reporting by Steve Slater; Editing by David Holmes) ($1=.5946 Pound)

United kingdom Investment Jpmorgan chase