Avantax Inc.
AVTA,
stock was up 2.6% in premarket trades Monday after it said it agreed to be acquired by Cetera Financial Group for $26 a share in a go-private deal that values the wealth management and tax preparation company at $1.2 billion, including debt. The price values Avantax at a roughly 30% premium to its closing stock price on Friday of $19.95 a share. “As we explored expanding Cetera’s capabilities into wealth management and tax expertise as a core component of our growth strategy, it quickly became clear that Avantax was an ideal target and a powerful fit for our business,” Cetera Holdings CEO Mike Durbin said in a statement. San Diego-based Cetera is a portfolio company of private equity firm Genstar Capital. The deal is expected to close by the end of 2023.
