Seeking Alpha

LPL Financial's P-E owners to exit combined 16% of stake

  • P-E firms Hellman & Friedman and TPG are distributing 16.6M shares (15.6% of shares outstanding) of LPL Financial (LPLA -0.3%) to their limited partners. Hellman & Friedman is completing the exit of its entire stake in LPL, whileTPG will continue holding 16.7M shares. The distribution will occur on Aug. 15.
  • Hellman & Friedman and TPG were the original P-E backers of LPL. The distribution is a continuation of the P-E firms' exit - the two previously reduced their holdings by 12.5M shares in May. The timing seems good, as LPLA sits near new 52-week highs.
  • Buybacks could help offset the sales that stem from the distribution. LPL has $198M remaining on its buyback authorization (or 5.1M shares at today's close).
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