At the beginning of the year, UBS announced its plans to acquire Wealthfront for $1.4 billion. Instead, the parties have announced the mutual end of their acquisition agreement.
UBS will now purchase a $69.7 million convertible note of Wealthfront shares, an investment the company values at $1.4billion, according to InvestmentNews. Wealthfront will remain an independent company; however, the companies are still exploring ways to collaborate in partnership.
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