H&R Block (HRB) Sells H&R Block Financial Advisors to Ameriprise (AMP)
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H&R Block (NYSE: HRB) signed a definitive agreement to sell H&R Block Financial Advisors to Ameriprise Financial, Inc. (NYSE: AMP) The transaction is subject to customary regulatory approvals, and is expected to close in four to six months.
The purchase price is $315 million in cash, and is subject to various adjustments at closing based on changes in the balance sheet and advisor retention. Current book value for HRBFA is slightly less than $300 million. Depending on final adjustments, the transaction is not expected to result in a material gain or loss, although it will generate cash proceeds (including repayment of inter-company liabilities) of approximately $340 million. The transaction will also monetize approximately $175 million of goodwill currently on H&R Block's books.
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