Phoenix-based financial advisory network Advisor Group has agreed to acquire Ladenburg Thalmann Financial Services Inc. (LTS) in a $1.3 billion deal.

Shareholders of the New York-listed target will receive $3.50 per share in cash for each share they own. The terms of the deal, announced late Monday, Nov. 11, represent a 24.5% premium to Ladenburg’s closing price of $2.81 on Monday. Shares of the company have nearly doubled since a late October report that the company had enlisted Jefferies LLC to lead the sale effort.

As for the buyer, the deal comes after Reverence Capital Partners LP, a New York-based PE shop focused on financial services, acquired the company in May for a reported $2 billion.

The deal creates a broker-dealer with more than $450 billion in client assets and more than 11,500 financial advisers.

Advisor Group said it would keep Ladenburg’s various brands independent and would not roll them up into its existing brands.

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