Cetera Acquires Avantax


September 20, 2023

On September 11, 2023, Cetera Financial Group announced an agreement to acquire Avantax, Inc.

Under the terms of the transaction, Cetera Financial Group (“Cetera”) has acquired Avantax, Inc. (“Avantax”) in an all-cash transaction worth $1.2 billion. Avantax shareholders will be paid $26 per share, with Avantax becoming a privately held company as of closing. The deal is expected to close by the end of 2023, subject to customary closing conditions.  

Cetera, based in Segundo, California, is a financial advisory firm comprised of a network of independent retail firms. Cetera had $121 billion in assets under management as of June 30, 2023.

Avantax (NASDAQ: AVTA), based in Coppell, Texas, is a wealth management firm offering tax-focused financial planning services. As of June 30, 2023, Avantax managed approximately $42.6 million in client assets. 

To read the press release: please click here

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