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Financial Gravity to acquire Presidential Brokerage

Financial Gravity Cos. Inc. agreed to acquire full-service brokerage and wealth management company Presidential Brokerage Inc. in an all-stock deal.

On a fully diluted basis, the ownership of the combined company will be evenly split between Financial Gravity and Presidential Brokerage shareholders. Scott Winters, CEO and board co-chairman of Financial Gravity, will take on an additional role as executive director of Presidential Brokerage. Any further additions to the combined company's executive team will be announced during the transition period but no later than the deal closing.

Financial terms of the deal were not publicly disclosed in a news release. The deal is expected to close before year-end 2019.