Goldman Sachs buys LCN for up to $410M

• Goldman Sachs agreed to buy LCN Capital Partners for up to $410 million.
• Goldman will pay $260 million upfront, with up to $150 million tied to future targets.
• The deal adds about $3 billion in commercial real estate assets to Goldman’s investment business.

Goldman Sachs agreed to buy LCN Capital Partners for up to $410 million.

Goldman will pay about $260 million when the deal closes, with another $150 million linked to future targets.

About 80% of the total purchase price will be paid in Goldman Sachs stock, according to the bank.

LCN had about $3 billion in assets under supervision as of June 30, with operations across North America and Europe.

Following the announcement, Goldman Sachs shares were down about 2.1% at $1,029.55 on August 18.

The deal follows Goldman’s planned $2.25 billion acquisition of NEOS Investments, announced six days earlier.