Goldman Sachs closes in to buy United Capital

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Goldman Sachs closes in to buy United Capital

Goldman Sachs Group Inc., the fifth-largest US lender in terms of assets, headquartered in New York, had been leaning towards rubberstamping a deal to purchase a boutique wealth management firm, United Capital Financial Partners Inc., its largest takeover deal since the era of great financial depression, a source familiar with the talks unveiled on later on Friday, the 10th of May 2019.

Although the financial terms of deal had yet to be finalized, the source added that the deal could worth several hundred million of dollars. Besides, according to a Wall Street Journal report released on Friday (May 10th), the deal might have been the largest acquisition deal for Goldman Sachs since the great financial depression as beforementioned, and a takeover deal could be announced as early as next Monday (May 13th).

Apart from that, a CNBC report had revealed later on Friday (May 10th) that the takeover deal could be worth between $700 to $750 million, citing sources familiar with the subject matter. In point of fact, United Capital, a California-based investment consultancy firm with independent financial advisors in more than 90 offices across United States, had been overseeing a lump-sum of $23 billion under management.

Nevertheless, while being asked for comments over the potential takeover deal, neither Goldman Sachs nor United Capital, had agreed to comment immediately.