Macquarie : to Acquire Waddell & Reed Financial

By Alice Uribe

SYDNEY--Macquarie Group Ltd. has agreed to acquire U.S.-based asset and wealth manager Waddell & Reed Financial, Inc. for US$1.7 billion.

Macquarie said the deal to acquire Waddell & Reed is worth US$25.00 per share in cash, with the transaction expected to close by mid-2021.

The Australian wealth management company on Thursday said it would seek to sell Waddell & Reed's wealth management business to U.S. retail investment advisory firm LPL Financial Holdings Inc. for US$300 million plus excess net assets once the takeover completes.

Waddell & Reed has an asset management business with approximately US$68 billion in assets under management, and a wealth management business with approximately US$63 billion in assets under administration.

Write to Alice Uribe at [e-mail]

(END) Dow Jones Newswires

12-02-20 1742ET