Firm Represents LPL Financial Services in its Acquisition of the Majority of Broker-Dealers Owned by Pacific Life Insurance Company
03.09.07
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Simpson Thacher is representing Linsco/Private Ledger Corp. (LPL Financial Services) in its acquisition of three of Pacific Life Insurance Company’s broker-dealers – Mutual Services Corporation, Associated Financial Group, Inc. and Waterstone Financial Group, Inc. The acquisition was announced on March 2, 2007. The transaction is subject to customary closing conditions, including regulatory approval, and is expected to close by June 2007.
LPL Financial Services, which is majority owned by affiliates of Hellman & Friedman and Texas Pacific Group, is the nation’s leading independent brokerage firm with over 7,700 independent financial advisors nationwide and over $1.4 billion in gross revenue last year. Collectively, the three acquired broker-dealers have approximately 2,200 financial advisors serving retail clients and $353 million in revenues. The transaction will increase LPL’s independent financial advisors to 9,900 nationwide.
The Simpson Thacher team includes Edward Chung, Shalini Aggarwal and Ellen Rosenberg (M&A – New York), Sylvia Park (M&A – Los Angeles), Charles Rappaport and Noah Beck (Tax) and Gregory Grogan (Employee Benefits).