Ladenburg Thalmann (NYSE: LTS) is buying KMS Financial Services for $24 million.

KMS consists of 325 financial advisers with more than $14 billion in client assets. After the deal closes, KMS will continue to operate as a standalone business out of its Seattle, Washington, headquarters.

The purchase price works out to $11 million in cash, $8 million in four-year notes and about 1.44 million shares of Ladenburg common stock.

The Miami-based buyer is also in the process of picking up assets from Sunset Financial Services Inc. After both deals close, Ladenburg will have more than 3,500 financial advisers and more than $110 billion in client assets under management. Ladenberg's subsidiaries include Securities America, Triad Advisors and Investacorp.

Subscribe Now

Complete access to real-time information and analysis of news and trends in the industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.