Kingswood Acquisition in an 8-K disclosed a third amendment to its merger agreement with Wentworth Management Services, a broker-dealer aggregator, pushing the completion deadline to Feb. 24.
This follows significant changes made in September to the original deal terms.
At deal announcement in July 2022, the combined entity was expected to encompass over 1,900 advisors, $25 billion AUM and over $285 billion in affiliated AUM.
The implied pro forma equity value of the combined company was cited at approximately $165 million, with a pro forma enterprise value of approximately $208 million.
The transaction had been expected to close in the fourth quarter of 2022. Read more.