Cetera, Avantax quiet on $1.2B deal that’s poised to shift industry power
October 2, 2023 by Tobias Salinger
With its parent securing an agreement for the largest M&A deal among independent brokerages this year, Cetera Financial Group is on track to become the fourth largest firm in the channel.
The pending all-cash acquisition of Dallas-based Avantax by Los Angeles-based Cetera Holdings announced earlier this month values the selling firm at about $1.2 billion inclusive of debt. The merger of Avantax by the end of the year into Cetera, which closed its acquisition of the retail wealth and trust business of Securian Financial Group only last month, will likely enable the combined firm to leapfrog the current No. 4 firm in Financial Planning’s IBD Elite rankings of the largest independent brokerages, Raymond James Financial Services, based on the fact that the three companies together generated $3.85 billion in revenue last year.
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