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Avantax Inc. (NASDAQ:AVTA) has agreed to be acquired by Cetera Holdings for about $1.2 billion in an all-cash deal, including existing debt.
Avantax stockholders will receive $26.00 per share in cash, reflecting a 30% premium over the September 8, 2023, closing stock price.
After the completion, Avantax will become a standalone business unit within the Cetera family with 3,078 Avantax financial professionals, representing $83.8 billion in assets under administration and $42.6 billion in assets under management as of June 30, 2023.
"This transaction, upon closing, will deliver immediate cash value to Avantax stockholders. It is a result of Avantax's strategic transformation and value creation efforts, which, when combined with the sale of TaxAct in December 2022, has unlocked significant value for our stockholders," commented Chris Walters, Chief Executive Officer of Avantax.
"This acquisition will establish a strategic relationship between Cetera and Fidelity, which will enable Cetera to expand further into a multi-custodial platform, enhancing Cetera's capabilities to provide tools and functionalities for its affiliated advisors. We are executing against our multi-custodian aspirations, and capturing new markets and adjacencies," commented Adam Antoniades, CEO of Cetera Financial Group.
Price Action: AVTA shares are trading higher by 27.57% at $25.45 on Monday.
Posted In: AVTA
