Ladenburg Thalmann to Acquire Securities America for $150M

Ladenburg Thalmann Financial Services Inc. LTS today announced that it has signed a definitive agreement to acquire Securities America Financial Corporation and its subsidiaries, an independent broker-dealer and investment advisor with a broad nationwide presence, from Ameriprise Financial, Inc. AMP. Under the terms of the transaction, Ladenburg will pay $150 million in cash in initial consideration at closing with the potential for additional cash payments in the event that certain performance targets are met by Securities America during 2012 and 2013. The transaction will be financed by an affiliate of Dr. Phillip Frost, Ladenburg's principal shareholder and Chairman of the Board. Securities America has approximately 1,700 financial professionals nationwide with approximately $50 billion in client assets, including more than $15 billion in assets under management at Securities America's investment advisor subsidiaries. Upon completion of the transaction, Jim Nagengast, President and Chief Executive Officer of Securities America, and Securities America's senior management team will continue to operate Securities America as a stand-alone business based from its current headquarters in La Vista, Nebraska.