LPL Financial to Acquire Allen & Co.

May 24, 2019

On May 21, 2019, LPL Financial Holdings Inc. announced that it had entered into a definitive agreement to acquire Allen & Company.

Under the terms of the agreement, LPL Financial Holdings Inc. (“LPL Financial”) will acquire Allen & Company (“Allen”). Allen’s advisors and employees will join LPL Financial under Allen’s operations and brand, which will continue to be maintained. Additional payments may be made above the initial purchase price provided a specified threshold of onboarded client assets is met. The transaction is subject to customary closing conditions and regulatory approvals, and is expected to close by the end of 2019. Further terms of the deal were not disclosed.

Allen is a Lakeland, Florida-based broker/dealer and registered investment advisor providing investment, trust and estate management services. Allen has approximately $3 billion in client assets. Raymond James | Silver Lane Advisors served as financial advisor to Allen in the transaction.

LPL Financial (Nasdaq: LPLA) is a Boston-based broker-dealer in the retail financial advice market.

To read the press release: please click here.


Investment Manager M&A, Transactions