advisor: No purchase price was disclosed but investment banking sources estimated that the price Reverence paid valued Advisor Group at between 2.1 billion and 2.3 billion, according to The Independent. That translates into a significant premium for an IBD network with 1.7 billion in revenues and more than 7,000 reps. Lightyear Capital, which had acquired a controlling interest in Advisor Group from AIG for about 400 million in 2016 with PSP Investments and other shareholders, will retain a minority of about 25 percent. The transaction leaves Advisor Group and its four independent broker-dealers as a standalone entity. Jamie Price will continue to serve as CEO of Advisor Group. Back in January, it was reported that Lighyear had talked with Genstar, which paid 1.74 billion for Cetera Financial Group in September 2018, about merging the two IBD networks.
(news.financializer.com). As
reported in the news.
Tagged under advisor, price topics.