Deals
RCS Capital Said to Explore Sale of Cetera Financial Group
- Firm said to seek at least $700 million for brokerage network
- RCS is working with Lazard, initial bids were due last week
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RCS Capital Corp., the struggling brokerage group cobbled together by real estate developer Nicholas Schorsch, is exploring a sale of Cetera Financial, its main operating unit, people with knowledge of the matter said.
The New York-based company is seeking at least $700 million for the division, which it bought last year for about $1.2 billion, said one of the people, who asked not to be identified because the information is private. RCS is working with Lazard Ltd. to find potential suitors, the people said, with initial bids due last week.