RCS Buys Cetera Financial For $1.15B

NEW YORK CITY-RCS Capital Corp. announced Thursday that it has entered into an agreement to acquire Cetera Financial Group—an independent broker-dealer headquartered in El Segundo, CA—from Lightyear Capital for $1.15 billion in cash. The transaction is expected to close later this year.

Following this transaction, Cetera and its subsidiaries will become part of RCAP’s retail advice platform, complementing the recent acquisition of Investors Capital Holdings and the purchase of Summit Brokerage Services. Valerie Brown, president and CEO of Cetera, and her management team, will continue to operate Cetera’s respective brands as part of the RCAP family of companies.