Duff & Phelps Provided a Fairness Opinion to Cetera Financial Group on its Sale to RCS Capital Corporation
Duff & Phelps provided a fairness opinion to the board of directors of Cetera Financial Group in connection with RCS Capital Corporation’s (NYSE: RCAP) announced acquisition of Cetera for $1.15 billion in cash on January 17, 2014. The transaction is expected to close in the second quarter of 2014, subject to FINRA approval and other customary closing conditions. Cetera Financial Group is a portfolio company of Lightyear Capital LLC, a leading financial services private equity firm. Cetera Financial Group is one of the nation’s largest privately-held, independent broker-dealer and investment adviser families. Through its four independently managed firms: Cetera Advisors LLC, Cetera Advisor Networks LLC, Cetera Financial Institutions (Cetera Investment Services LLC) and Cetera Financial Specialists LLC, it provides comprehensive broker-dealer services, innovative technology and competitive advisory programs to approximately 6,500 independent financial professionals and more than 600 financial institutions. The company was formed in 2010 and is based in El Segundo, California. RCS Capital Corporation is a public holding company formed to operate and grow the following four principal lines of business: a wholesale broker-dealer, an investment banking and capital markets business, a transaction management services provider and a transfer agent. The company was incorporated in 2012 and is headquartered in New York, New York. Duff & Phelps was engaged as an independent financial advisor to the board of directors of Cetera Financial Group and provided a fairness opinion in connection with the transaction. Duff & Phelps is a leading provider of independent fairness opinions in corporate transactions. According to Thomson Reuters “Full Year 2013 Mergers and Acquisitions Review,” Duff & Phelps ranked first for number of announced fairness opinions in the Americas in 2013.