Ladenburg Thalmann Financial Services Inc., the Miami-based investment bank and brokerage, said Wednesday that it has agreed to buy Securities America Inc. from Ameriprise Financial Inc. for at least $150 million to add 1,700 financial advisors.
Ladenburg said its annual revenue would increase by about $450 million with the acquisition, with the potential for additional payments if Securities America hits performance targets in 2012 and 2013.
Jim Nagengast, Securities America's chief executive officer, would continue to run the La Vista, Neb., company as a stand-alone business.
The two companies together would have about 2,700 independent financial advisors and client assets of about $70 billion.
The deal is expected to close by the end of the year.
