NHLD - B. Riley Financial to acquire National Holdings expanding wealth unit

B. Riley Financial (RILY) agrees to acquire the National Holdings (NHLD) shares that it doesn't already own for $3.25 per NHLD share in a transaction that expands its private wealth management business, adds to its retail channel with hundreds of advisers, and more than doubles RILY's current AUM.RILY already owns 45% of National's common stock.The merger "provides significant synergies to the existing complementary businesses under each firm, with minimal overlap, while also enhancing the combined platform's episodic and recurring results, the company said in a statement.National includes a network of 733 registered representatives managing $18.9B in client assets as of Jan. 8, 2021. National reported total revenues of $229.9M for its fiscal year ended Sept.30, 2020.Previously (Dec. 17, 2020): B. Riley sees Lingo, Justice investments boosting cash flow

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B. Riley Financial to acquire National Holdings, expanding wealth unit