Jim Nagengast
Ladenburg Thalmann completes Securities America purchase for $150 millionPosted by RJ and Makay on Nov 07, 2011 |
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Ladenburg Thalmann Financial Services Inc. said today that is has completed its previously announced $150 million acquisition of Securities America Financial Corporation and its subsidiaries. Ladenburg picks up 1,700 brokers and $50 billion in assets under management to bring its totals to 2,700 independent financial advisors with approximately $70 billion in total assets.
Ameriprise Financial Inc. (AMP) announced today that it has agreed to sell Securities America Financial Corporation and its subsidiaries to Ladenburg Thalmann Financial Services, Inc. (LTS) for $150 million in cash. The deal is expected to close by the end of the year and will add about $450 million in annual revenue for Thalmann. The deal includes additional payments to Ameriprise if Securities America hits performance targets in 2012 and 2013.
Ameriprise Financial, Inc. reported higher second-quarter profits Wednesday and said the planned sale of its Securities America unit is ”progressing as anticipated.” Ameriprise’s Q2 results excluded Securities America, which it now counts as discontinued operations for that quarter and all prior periods, the firm said.
