CORRECTED: This story has been updated to clarify the services performed by HK Financial Services, which is being acquired by a Texas-based company.
A Dubuque-based wealth management firm is being acquired by a Texas financial services company, the latter announced today.
Blucora announced the acquisition of HK Financial Services, a CPA-focused registered investment advisor. HK Financial Services is an affiliate of Honkamp Krueger & Co., Iowa's largest CPA firm.
The acquisition is being structured as a $160 million stock purchase, according to a release issued by Blucora. The transaction is expected to close by the end of the first quarter of 2020.
"HKFS has an impressive business model, employee team and base of CPA firms and end-clients," said John Clendening, Blucora's president and CEO, during a conference call this morning. "Our entire leadership team is looking forward to their employees, advisors and partners and clients joining us as we continue to grow."
It's unclear what impact this move will have on the Dubuque-based workforce. Officials with both companies didn't immediately respond to messages seeking more details for this story.
In the release, Blucora officials noted that the acquisition adds $4.4 billion to the company's total client assets, for a total of more than $72 billion.