LPL Financial has agreed to acquire Lucia Securities, a San Diego, Calif.-based hybrid with 20 advisers that manages $1.5 billion.
The acquisition is scheduled to close during the second half. It is structured as an asset purchase, providing for a payment at closing and potential contingent payments.
The transaction multiple is an estimated “six times post-synergy EBITDA,” LPL said in a release.
Raymond James & Associates advised Lucia on the transaction, LPL said.
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