Incapital LLC, a Boca Raton, Fla., corporate bond manager, said Monday it plans to acquire Bank of America Corp.'s LaSalle Broker Dealer Services division.
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The deal, announced Monday, is expected to close this quarter. The price was not disclosed.
After the acquisition Incapital would manage roughly two-thirds of the retail corporate bond market, Tom Ricketts, its president and chief executive, said in an interview.
Incapital would be the lead underwriter for nine of the 10 largest U.S. corporate retail bond issuers, including B of A.
In addition, Incapital would acquire B of A's stake in their InterNotes joint venture, along with LaSalle Broker Dealer Services' Direct Access Notes.
