Commonwealth Financial Network Announces Sale to LPL Financial for $2.7 Billion

Ropes & Gray advised Commonwealth Financial Network, the largest independently owned wealth management firm in the country, in a definitive sales agreement to LPL Financial Holdings Inc. Under the transaction structure, LPL will acquire 100 percent of the equity of the holding company of Commonwealth for a purchase price of approximately $2.7 billion in cash. The deal was announced in a March 31 press release.

Headquartered in Waltham, Mass. and founded in 1979, Commonwealth provides integrated business solutions and services for approximately 2,900 financial advisors, managing approximately $285 billion of brokerage and advisory assets.

The team included M&A partners Stephanie Lapidus and Marko Zatylny, tax partner Scott Pinarchick, asset management partners Keith MacLeod and Brynn Rail, IP transactions partner Regina Sam Penti, executive compensation & employee benefits partner Kyle Higley, litigation & enforcement partner Jonathan Klarfeld, finance partner Dan Coyne, real estate partner Sally Davis, employment partner Richard Kidd, and strategic transactions associates Debbie Wang and Kasey Hughes.