Ladenburg Thalmann Financial Services will acquire Securities America, the embattled, independent broker-dealer subsidiary of Ameriprise, for an initial payment of $150 million in cash, according to a company statement released Wednesday morning.
Securities America, the nation's seventh-largest independent-broker dealer with more than $50 billion in client assets under management, has been actively shopped by its parent company since this spring.
The deal calls for Ladenburg Thalmann to pony up the initial $150 million in cash with the "potential for additional cash payments" in the event that certain performance targets are met by Securities America in 2012 and 2013.
The deal will be financed by Phillip Frost, Ladenburg's principal shareholder and chairman.
For more details and background on the Ladenburg Thalmann purchase of Securities America, take a look at these stories:
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