TPG and Hellman & Friedman in $500 Million Public Secondary Offering of LPL Investment Holdings

May 7, 2012

Cleary Gottlieb represented the underwriters, led by Morgan Stanley and BofA Merrill Lynch, in a public secondary offering of 14,500,000 shares of LPL Investment Holdings common stock. The offering was 100% secondary by the majority holders TPG Capital and Hellman & Friedman, and each continues to own approximately 24.4% of the company after the offering. The offering priced on May 1 at $34.50 per share and closed on May 7.

Cleary Gottlieb also represented the underwriters in the initial public offering of LPL in November 2010 and in the follow-on secondary offering in May 2011.

LPL supports the largest independent broker-dealer network in the United States with over 12,900 independent financial advisors and financial advisors at financial institutions, providing investment advisory services, proprietary technology, independent research and clearing and compliance services.