Haynes and Boone Represents Blucora in Acquisition of HK Financial Services


A Haynes and Boone, LLP team is representing Blucora Inc. in its planned acquisition of HK Financial Services, a CPA-focused, captive registered investment advisor, for $160 million.

Blucora announced Jan. 7 that it had entered an agreement to acquire HK Financial.

The combination adds approximately $4.4 billion to Blucora’s total client assets, bringing the total to more than $72 billion, with approximately 42% in advisory assets, the company announced.

Based in Irving, TX, Blucora provides tax-smart financial solutions that empower people’s goals. It operates in two segments, including wealth management, through its Avantax Wealth Management business (formerly operating under the HD Vest and 1st Global brands), the No. 1 tax-focused broker-dealer, with $67 billion in total client assets as of September 30, 2019, and tax preparation, through its TaxAct business, the No. 3 tax preparation software by market share with approximately 3 million consumer and professional users.

Haynes and Boone Dallas Partner Jan Sharry and Denver Partner Dan Malone led the team representing Blucora in the transaction. They were assisted by Partners Ryan Cox, Madelyn Calabrese and Daren Domina and Associates Michael Pritchard, David Lightstone and Omar Shariff.

Haynes and Boone’s M&A Practice Group has comprehensive experience handling middle-market deals, having helped clients close more than 500 transactions in the last five years, with an aggregate value exceeding $40 billion. The firm routinely represents private equity firms, closely held corporations, founders, large financial institutions and Fortune 500 public companies. The M&A team prides itself on crafting strategic solutions that advance clients’ business objectives by anticipating and evaluating the roadblocks and opportunities that clients face on the way to closing a deal successfully.

Haynes and Boone, LLP is an international corporate law firm with offices in Texas, New York, California, Charlotte, Chicago, Denver, Washington, D.C., London, Mexico City and Shanghai, providing a full spectrum of legal services in energy, technology, financial services and private equity. With more than 575 lawyers, Haynes and Boone is ranked among the largest U.S.-based firms by The National Law Journal, The American Lawyer and The Lawyer. It also ranks among the nation’s most recommended law firms by general counsel, according to BTI Consulting Group’s “Most Recommended Law Firms 2019” report.

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