Advisor Group’s Merger With Ladenburg Thalmann Financial Services

Kirkland & Ellis advised Advisor Group on financing matters related to its definitive merger agreement with Ladenburg Thalmann Financial Services Inc.

Advisor Group entered into a definitive merger agreement with Ladenburg Thalmann Financial Services Inc. (NYSE American: LTS, LTS PrA, LTSL, LTSF, LTSK, LTSH).

The merger will create a wealth management industry leader with nearly 11,500 financial advisors and over $450 billion in client assets.

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 transaction, which is subject to customary closing conditions, including the approval of Ladenburg’s shareholders, and receipt of required regulatory clearances and approvals, is expected to close in the first half of 2020.

Advisor Group is one of the nation’s largest networks of independent wealth management firms.

Ladenburg Thalmann Financial Services Inc. is a publicly-traded diversified financial services company.

The Kirkland team was led by debt finance partners Andrew Idrizovic (Picture) and Jocelyn Hirsch, and associate Matthew Leist, and capital markets partners Ross Leff, Joshua Korff and Luke Jennings, and associate Gena Olan.

Involved fees earner: Jocelyn Hirsch – Kirkland & Ellis; Andrew Idrizovic – Kirkland & Ellis; Luke Jennings – Kirkland & Ellis; Joshua Korff – Kirkland & Ellis; Ross Leff – Kirkland & Ellis; Matthew Leist – Kirkland & Ellis; Gena Olan – Kirkland & Ellis;

Law Firms: Kirkland & Ellis;

Clients: Advisor Group Holdings;

Author: Ambrogio Visconti