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Allen & Overy advises LPL Financial Holdings on its acquisition of Atria Wealth Solutions

Allen & Overy has advised LPL Financial Holdings Inc. (NASDAQ: LPLA), a leading provider of investment and business solutions for independent financial advisors across the nation, on its acquisition of wealth management solutions holding company Atria Wealth Solutions, Inc. The expected closing date will take place in the second half of 2024, subject to receipt of regulatory approval and other conditions. 

Under the terms of the agreement, Atria will consolidate its network of broker-dealers and transition its brokerage and advisory assets to the LPL platform. The broker-dealers include two with a focus on supporting banks and credit unions — CUSO Financial Services and Sorrento Pacific – and five that support independent financial professionals — Cadaret Grant, NEXT Financial Group, SCF Securities, Western International Securities and Grove Point. 

A&O corporate and M&A partner Stephen Besen said

We are delighted to have supported LPL Financial in expanding its platform in North America through the Atria acquisition. We are seeing an increase in activity in financial services M&A, particularly in the asset and wealth management space. This transaction underscores A&O’s ability to provide clients with exhaustive transactional support for their U.S. growth objectives.

A&O corporate and M&A partner Stephen Besen

The A&O team was led by M&A partner Stephen Besen and corporate and M&A associates Aaron Swartzman, Brittany Beyer, Yuwei Liu and Patrice Oseni, with key support from the A&O financial services regulatory team led by partner Hilary Sunghee Seo, senior counsel C. Wallace DeWitt and associates Sebastian Souchet and Alyssa Jones. The A&O cross-practice team included tax partner Dave Lewis, senior counsel John Hibbard and associate Dustin Plotnick; litigation partner Eugene Ingoglia and associate Elena Aguirre; employment and benefits partner Brian Jebb and associate Alexandra Sentner; antitrust and competition associate Puja Patel and Kevin Duong; technology transactions and intellectual property partner Adam Chernichaw and associate Chynna Foucek; data privacy partner Helen Christakos and associate Sonya Aggarwal; and real estate senior counsel Lawrence Rouslin.

About LPL Financial 

LPL Financial Holdings Inc. (Nasdaq: LPLA) was founded on the principle that LPL should work for advisors and enterprises, and not the other way around. Today, LPL is a leader in the markets we serve, serving more than 22,000 financial advisors, including advisors at approximately 1,100 enterprises and at approximately 570 registered investment advisor firms nationwide. We are steadfast in our commitment to the advisor-mediated model and the belief that Americans deserve access to personalized guidance from a financial professional. At LPL, independence means that advisors and enterprise leaders have the freedom they deserve to choose the business model, services and technology resources that allow them to run a thriving business. They have the flexibility to do business their way. And they have the freedom to manage their client relationships, because they know their clients best. Simply put, we take care of our advisors and enterprises, so they can take care of their clients.