Ameriprise Financial (AMP) Completes Acquisition of H&R Block Financial Advisors (HRB), Sees Deal Accretive to 2010
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Ameriprise Financial, Inc. (NYSE: AMP) has completed its all-cash acquisition of H&R Block Financial Advisors (HRBFA) from H&R Block (NYSE: HRB).
The more than 950 advisors of HRBFA work in 135 office locations across the U.S. The advisors will become Ameriprise Financial-branded employee advisors and will strengthen the company's presence in key markets, including Florida, Texas and California.
With this acquisition, Ameriprise Financial now has more than 12,000 total advisors across all its platforms. The transaction is also expected to add approximately 365,000 client accounts and $27.5 billion in client assets.
The transaction is expected to be accretive to earnings per share and return on equity in early 2010.
Ameriprise Financial, Inc. is engaged in providing financial planning, products and services that are designed to be utilized as solutions for its clients' cash and liquidity, asset accumulation, income, protection, and estate and wealth transfer needs. [SM]
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