LPL Financial to acquire Commonwealth Financial Network for $2.7B cash

LPL Financial Holdings Inc.

Purchase price $2.7B cash; LPL acquires 100% equity of Commonwealth holding company.
Commonwealth supports ~2,900 advisors managing ~$285B in brokerage and advisory assets.
Transaction expected to close in H2 2025; conversion to LPL platform by mid-2026.
Financing via cash, debt and equity; pro forma leverage ~2.25x, targeted reduction to 1.5-2.5x.
Founder Joseph Deitch to advisory role on LPL board; CEO Wayne Bloom joins LPL Management Committee.

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