A Haynes Boone team is representing Blucora Inc. in its acquisition of 1st Global Inc., a tax-focused wealth management company based in Dallas, for $180 million.
The transaction was announced March 19.
Based in Irving, Texas, Blucora is a leading provider of tax-smart financial solutions. It operates through two primary businesses: HD Vest, the No. 1 tax-focused broker-dealer with $42 billion in total client assets as of Dec. 31, 2018, and TaxAct, the No. 3 tax preparation software by market share with approximately 4 million consumer and professional users.
Blucora’s acquisition brings together two leaders in the tax-focused wealth management space. The complementary nature of the companies’ business models creates numerous synergies and growth opportunities. 1st Global, the No. 2 tax-focused independent broker-dealer based on total revenue, specializes in servicing large, multi-partner accounting firms, while HD Vest focuses primarily on converting individual tax preparers into wealth advisors.
Haynes Boone Dallas Partner Jan Sharry led the team representing Blucora in the transaction. She was assisted by Partners Ryan Cox and Dan P. Malone Jr. and Associates Michael Pritchard, David Lightstone and Omar Shariff. New York Partners Madelyn Calabrese and Daren Domina are advising Blucora on regulatory issues. Partners Paul Amiel and Sakina Foster and Associate Laura Shapiro advised the client on financing for the transaction. Associate Raquel Alvarenga advised on labor and employment issues and Associate Scott Thompson advised on employee benefits and executive compensation.
PJT Partners LP is serving as financial advisor to Blucora.
Haynes Boone’s M&A Practice Group has comprehensive experience handling middle-market deals, having helped clients close more than 500 transactions in the last five years, with an aggregate value exceeding $40 billion. The firm routinely represents private equity firms, closely held corporations, founders, large financial institutions and Fortune 500 public companies. The M&A team prides itself on crafting strategic solutions that advance clients’ business objectives by anticipating and evaluating the roadblocks and opportunities that clients face on the way to closing a deal successfully.
Haynes Boone is an international corporate law firm with offices in Texas, New York, California, Charlotte, Chicago, Denver, Washington, D.C., London, Mexico City and Shanghai, providing a full spectrum of legal services in energy, technology, financial services and private equity. With more than 575 lawyers, Haynes Boone is ranked among the largest U.S.-based firms by The National Law Journal, The American Lawyer and The Lawyer.
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