Elliott Management, Prudential (PUK), Pimco and the Bank of Ireland are all seeking to acquire a portfolio of roughly EUR2B of Irish mortgages from Danske Bank (DNSKF) amid growing demand for home loans in Europe, the Financial Times reports, citing market participants familiar with the matter. The four companies submitted final bids on a mortgage book with a gross value of about EUR1.8B and a buyer is expected to be chosen as early as this week. Reference Link
UP AFTER EARNINGS: Urban Outfitters (URBN), up 18.9%... Agilent (A), up 3.7%. ALSO HIGHER: LPL Financial (LPLA), up 2% after it announced the acquisition of National Planning Holdings. DOWN AFTER EARNINGS: Viavi (VIAV), down 5.9%. ALSO LOWER: Bristol-Myers Squibb (BMY), down 3.4% after it announced topline results from its CheckMate -214 study, saying that while there was an improvement in progression-free survival, it did not reach statistical significance... Intec Pharma (NTEC), down 3.1% after it filed to sell common stock.
National Planning Holdings, which is wholly owned by Prudential plc (PUK), announced the sale of its independent broker-dealer network, consisting of INVEST Financial Corporation, Investment Centers of America, Inc., National Planning Corporation and SII Investments, Inc., to LPL Financial (LPLA). The transaction is structured as an asset sale, which includes substantially all of the business of the network, for an initial purchase price of $325M. Following a successful transition of NPH's financial advisors and clients to LPL, the purchase price may increase to a maximum of approximately $448M. The transition period is expected to be completed by the end of the first quarter of 2018. Barry Stowe, chairman and chief executive officer of Prudential plc's North American Business Unit, said the industry is in a time of significant regulatory change and consolidation in the independent broker-dealer sector. During the transition period, the NPH firms will continue to maintain all necessary infrastructure of their businesses to ensure uninterrupted support and a smooth transition of all client accounts and their financial advisors. By year-end 2018, and subject to regulatory approval, the NPH firms intend to wind down the operations and withdraw their broker-dealer registrations.