BROADRIDGE FINANCIAL SOLUTIONS $37.15 (New York symbol BR; TSINetwork Rating: Extra Risk) (201-714-3000; www.broadridge.com; Shares outstanding: 119.4 million; Market cap: $4.4 billion; Dividend yield: 2.3%) has bought Emerald Connect, a private firm that helps financial advisors promote their services. Emerald helps its clients set up websites, publish newsletters, conduct seminars and manage direct mail and online marketing campaigns.
Broadridge plans to merge Emerald with its Forefield subsidiary, which sells online courses and related services to financial professionals.
The company paid $60 million for Emerald, which is equal to 1.9 times the $31.2 million, or $0.25 a share, it earned in the latest quarter.
Broadridge is a buy.