Florida-based Ladenburg Thalmann Financial Services announced in September that it had agreed to purchase Securities Services Network. Once the deal is finalized, the Tennessee broker-dealer company will become Ladenburg Thalmann's third recent acquisition. The company acquired similar businesses based in Alabama and Washington in August.
According to reports, Ladenburg Thalmann will pay for SSN with a combination of $25 million in cash and $20 million in four-year notes. The figures are in line with the company's previous acquisitions of $42 million and $24 million. The move is expected to bolster Ladenburg Thalmann's annual revenue by approximately $115 million while adding $13 billion in client assets and 450 independent financial advisers to the books. The deal is expected to be concluded by early 2015, and the current chief executive officer of SSN is expected to remain with the company.