LPLA - Macquarie to buy Waddell & Reed in $1.7B deal

Waddell & Reed Financial (WDR) +47.8% post-market after agreeing to be acquired by Macquarie Group for $25/share, representing a ~48% premium to the stock's closing price on Dec. 1.Macquarie also will sell Waddell & Reed's wealth management platform to LPL Financial (LPLA) for $300M and enter into a long-term partnership with Macquarie becoming one of LPL's top tier strategic asset management partners.As a result of the deal, Macquarie Asset Management expects assets under management will rise to ~$465B, with the combined business becoming a top 25 actively managed, long-term, open-ended U.S. mutual fund manager by assets under management.

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Macquarie to buy Waddell & Reed in $1.7B deal