Financial services firm Ladenburg said Monday that it has agreed to buy KMS FInancial Services, a Seattle-based investment advisor for about $24 million. This transaction, which is expected to close later this year, includes $11 million in cash, $8 million in four-year notes and over 1.4 million shares of Ladenburg stock.
With the KMS deal and Ladenburg’s previously announced plans to acquire the assets of Sunset Financial, Landenburg’s network of independent brokerage and advisory firms will rack up $110 billion in total client assets. As a result of the KMS transaction, Ladenburg will also have annual revenues of about $1 billion.
Launched in 1971, KMS has about 325 financial advisors with over $14 billion client assets. For the year ending on June 30, 2014, the firm had revenues of about $84 million.
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