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Wells Fargo is buying H.D. Vest to boost financial services base

NEW YORK (BridgeNews) — Wells Fargo & Co. said Friday it will buy H.D. Vest Inc., a Texas-based financial services firm that delivers money management tools to tax professionals for $127.5 million.

Wells will pay $21.03 per share of H.D. Vest common stock a 200 percent premium to its closing price Thursday.

The relatively small acquisition for the nation's seventh-largest financial holding company is another move by the San Francisco-based company to build up its financial services client base.

Two weeks ago, it announced it was buying Acordia, the largest private insurance broker in the nation, as part of its goal to increase to 25 percent the amount of revenues generated from insurance, trust, and brokerage businesses.