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Thursday, January 16, 2014

RCS Capital to purchase broker-dealer Cetera for $1.15 billion in cash, (NYSE: RCAP)

RCS Capital Corp said it would purchase independent broker-dealer Cetera Financial Group for about $1.15 billion in cash to grow its retail distribution business. RCS Capital is buying Cetera from private equity firm Lightyear Capital LLC.

RCS Capital Corporation is a holding company. The Company is engaged in the business of wholesale broker-dealer, investment banking and capital markets business, a transaction management services provider and a transfer agent. Shares of RCAP traded higher by 1.46% or $0.27/share to $18.80. In the past year, the shares have traded as low as $14.86 and as high as $19.78. On average, 18225 shares of RCAP exchange hands on a given day and today's volume is recorded at 32417.