Advisor Group And Ladenburg Thalmann Announce Merger To Create A Wealth Management Industry Leader With Nearly 11,500 Financial Advisors And Over $450 Billion In Client Assets
LADENBURG THALMAN (LTS)
NASDAQ:AMEX Investor Relations:
ir.stockpr.com/ladenburg
Company Research
Source: PR Newswire
PHOENIX, Nov. 11, 2019 /PRNewswire/ -- Advisor Group, one of the nation's largest networks of independent wealth management firms, and Ladenburg Thalmann Financial Services Inc. (NYSE American: LTS, LTS PrA, LTSL, LTSF, LTSK, LTSH) ("Ladenburg"), a publicly-traded diversified financial services company, today announced that both companies have entered into a definitive merger agreement to join the two companies.Under the terms of the transaction, Ladenburg has agreed to be acquired by Advisor Group through a cash merger, in which each outstanding share of Ladenburg's common stock will be converted into a cash payment of $3.50 per share. The total enterprise value of the transaction is approximately $1.3 billion, taking into account Ladenburg's common stock, preferred stock and outstanding debt. The definitive merger agreement and the transactions contemplated were unanimously approved by Ladenburg's Board of Directors.The transaction, which is subject to customary closing conditions,
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