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Wells Fargo to Buy H.D. Vest for $127.5 Million

BRIEFLY / FINANCIAL SERVICES

March 24, 2001

Wells Fargo & Co. agreed to buy H.D. Vest Inc. for $127.5 million in cash to expand its financial planning business. Wells Fargo will pay $21.03 for each H.D. Vest share and option--three times the Irving, Texas-based company's closing price of $7 on Thursday. News of the deal sent H.D. Vest shares surging $13.38 to close at $20.38 on Nasdaq. H.D. Vest has more than 6,000 tax and financial advisor independent contractors, who provide financial, tax and estate planning advice to about 1.8 million individuals and small businesses across the U.S. Shares of San Francisco-based Wells Fargo rose $1.43 to close at $45.43 on the NYSE.

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