Independent broker-dealer LPL Financial has finalized a deal to acquire one of its biggest rivals, $344bn Commonwealth Financial Network, according to sources with knowledge of the situation.
The transaction will be officially announced as soon as Monday, according to a source. The exact purchase price LPL is paying to acquire Waltham, Mass.-based Commonwealth was not immediately clear. LPL informed employees of the deal on Friday, a source with knowledge of the situation told Citywire.
Spokespeople for LPL and Commonwealth did not immediately respond to requests for comment.
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