Bloomberg Law
July 18, 2018, 7:31 PM

Genstar Capital Agrees to Buy Majority of Cetera Financial (1)

Matthew Monks
Matthew Monks
Bloomberg News

Private equity firm Genstar Capital agreed to buy financial planning conglomerate Cetera Financial Group Inc.

Genstar is paying about $1.7 billion for El Segundo, Calif.-based Cetera, according to people familiar with the matter, who asked to not be identified because the financial terms weren’t disclosed.

Cetera management will keep a “meaningful” ownership stake, according to a statement from the companies July 17. The deal is expected to close by the end of September.

Cetera controls a network of broker-dealers that offers various wealth and asset management services to both individuals and businesses, according to its website. It was the ...