In Brief: Wells Closes $128M Deal for H.D. Vest

July 03, 2001, 1:00 a.m. EDT 1 Min Read

SAN FRANCISCO Wells Fargo & Co. has completed its acquisition of H.D. Vest Inc., an Irving, Tex., tax and financial advisory firm.

The San Francisco banking company said Tuesday that it had paid $21.03 in cash per share, or $127.5 million, the same price as when it announced the deal in March. The price was a 0.6% premium to H.D. Vests Friday closing price.

H.D. Vest uses 6,000 independent contractors to provide financial planning and tax advice to 1.8 million customers. Wells Fargo plans to cross-sell its banking services, including personal trust, mortgage, and insurance, to these clients.

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