Advisor Group is acquiring the broker-dealer Ladenburg Thalmann Financial Services.

The combined entity will have close to 11,500 financial advisors overseeing more than $450 billion, according to a press release from Ladenburg.

Ladenburg’s board of directors has approved the merger agreement, valued at around $1.3 billion, according to the press release. The deal is expected to close in the first half of 2020, Ladenburg says.

Under the terms of the agreement, “Ladenburg’s firms will not be merged with Advisor Group’s firms, reflecting both companies’ commitment to a multi-brand network model,” according to the press release.

Advisor Group’s network of broker-dealers includes FSC Securities Corporation, Royal Alliance Associates, SagePoint Financial and Woodbury Financial while Ladenburg’s independent advisory and brokerage firms include Securities America, Triad Advisors, Investacorp, KMS Financial Services and Securities Service Network, Ladenburg says.

Ladenburg’s subsidiaries also include insurance brokerage Highland Capital Brokerage, financial advisor-focused trust services company Premier Trust and the investment bank Ladenburg Thalmann & Co., Ladenburg says.

Private equity firm Reverence Capital acquired Advisor Group earlier this year from Lightyear Capital, another private equity shop, as reported. Reports of the merger first emerged earlier this month.

Advisor Group’s current CEO and president, Jamie Price, will lead the merged entity and its new leadership team will include senior executives from both firms, according to the press release.

“We are confident this transaction will help our advisors accelerate the growth of their businesses, while enabling them to benefit from the highly personalized service experience they have always enjoyed, under a very similar multi-custodial, multi-clearing and multi-brand structure,” Richard Lampen, Ladenburg’s chairman, president and CEO, says in the press release.

The companies say there will be no need to repaper client accounts as part of the merger because they both use Pershing and National Financial, part of Fidelity Custody & Clearing Solutions, as their largest clearing providers.

Jefferies acted as exclusive financial advisor to Ladenburg Thalmann Financial Services.