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RCS Capital Corp Announces Agreement To Acquire Summit Financial Services Group Inc


Monday, 18 Nov 2013 06:00am EST 

RCS Capital Corp announced that on November 16, 2013, RCAP and a newly formed wholly-owned subsidiary of RCAP entered into an agreement and plan of merger (the Merger Agreement) with Summit Financial Services Group, Inc. (Summit) by which RCAP will acquire Summit for $49.0 million, or approximately $1.43 per share. Following the merger, Summit and its subsidiaries, including its SEC-registered broker-dealer and FINRA-member subsidiary Summit Brokerage Services, Inc., will continue to operate under current management and the "Summit" brand. Following the merger, Summit will constitute a new stand-alone line of business that is expected to complement RCAP's other lines of business, including an existing wholesale broker-dealer, investment banking and capital markets services, transaction management and transfer agency businesses. The transaction is expected to close in the first quarter of 2014 and is subject to certain regulatory approvals and filings and other customary closing conditions. 

Company Quote

21.19
0.09 +0.43%
4:05pm EDT