Kirkland & Ellis advised Advisor Group, one of the nation's largest networks of independent wealth management firms, on financing matters related to its definitive merger agreement with Ladenburg Thalmann Financial Services Inc. (NYSE American: LTS, LTS PrA, LTSL, LTSF, LTSK, LTSH), a publicly-traded diversified financial services company. The merger will create a wealth management industry leader with nearly 11,500 financial advisors and over $450 billion in client assets. Under the terms of the transaction, Ladenburg has agreed to be acquired by Advisor Group through a cash merger, in which each outstanding share of Ladenburg's common stock will be converted into a cash payment of $3.50 per share. The total enterprise value of the transaction is approximately $1.3 billion, taking into account Ladenburg's common stock, preferred stock and outstanding debt.
The Kirkland team was led by debt finance partners Andrew Idrizovic and Jocelyn Hirsch, and associate Matthew Leist; capital markets partners Ross Leff, Joshua Korff and Luke Jennings, and associate Gena Olan; and transactional associate Julianna Debler.