© Reuters. Avantax (AVTA) acquired by Cetera for $26/sh, here’s what to know
Avantax Inc (NASDAQ:) announced it is getting acquired by Cetera Financial Group in a $1.2B deal. Here’s what to know:
- The all-cash transaction is valued at approximately $1.2B, including Avantax’s net debt.
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Avantax shareholders will receive $26.00 in cash per share, representing a premium of approximately 30% to the closing price of Avantax shares on September 8, 2023.
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Cetera will retain Avantax’s legal entities, core technology, product offerings, and existing clearing and custody relationships.
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After the acquisition’s completion, Avantax will become a standalone business unit within the Cetera family.
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The transaction is expected to close by the end of 2023, subject to stockholder approval, regulatory approvals, and customary closing conditions.
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