According to the Investment News, Securities America, the independent broker-dealer subsidiary of Ameriprise, will be acquired by Ladenburg Thalmann Financial Services Inc. for at least $150 million in cash, according to a statement released by the company this morning.
Ladenburg has been viewed as a leading suitor for Securities America, which has been on the block for several months.
The deal, which will be at least for $150M in cash “in initial consideration” will have the “potential for additional cash payments” if certain performance targets are met by Securities America in 2012 and 2013.
Ladenburg has expressed an interest specifically in expanding through acquisition, but hasn’t bought an independent broker-dealer in three years. It bought Investacorp Inc. in 2007, and purchased Triad Advisors Inc. the following year. Combined, the firms had 1,030 affiliated reps and advisers.
The B-D generated $41 million in revenue during the first quarter of this year.
This information which is publicly available on Investment News’ website has been provided by The White Law Group, LLC.
The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm with offices in Chicago, Illinois and Boca Raton, Florida.
For more information on The White Law Group, please visit our website at https://whitesecuritieslaw.com.Tags: broker fraud, investment fraud, Ladenburg Thalmann expansion, Ladenburg Thalmann merger, Ladenburg Thalmann Securities America, Securities America acquisition, Securities America class action, Securities America investigation, Securities America lawsuit, Securities America litigation, Securities America merger, Securities America sale, Securities Attorney, Securities Lawyer Last modified: July 17, 2015