RCS Capital To Acquire Summit Financial Services For $49 Mln - Quick Facts

(RTTNews) - RCS Capital Corp. or RCAP (RCAP) and a newly formed unit of RCAP reached an agreement and plan of merger with Summit Financial Services Group, Inc. (SFNS.OB) on November 16, 2013, by which RCAP would buy Summit for $49.0 million, or about $1.43 per share. Upon the completion of the merger, Summit and its subsidiaries, including its SEC-registered broker-dealer and FINRA-member unit Summit Brokerage Services, Inc., would continue to operate under current management and the "Summit" brand.

Following the merger, Summit would constitute a new stand-alone line of business that is likely to complement RCAP's other lines of business, including an existing wholesale broker-dealer, investment banking and capital markets services, transaction management and transfer agency businesses.

Subject to certain regulatory approvals and filings and other customary closing conditions, the transaction may close in the first quarter of 2014.