LPL Financial, an independent broker-dealer, has reached an agreement to acquire Commonwealth Financial Network, one of its largest competitors with $344 billion in assets, as reported by sources familiar with the matter.
The official announcement regarding the transaction is expected as early as Monday, according to a source. The specific amount being paid by LPL for the acquisition of Commonwealth, based in Waltham, Massachusetts, has not yet been disclosed. LPL notified its employees about the deal on Friday, as per information sourced by Citywire.
Representatives from both LPL and Commonwealth were not available for immediate comment.
