Wells Fargo

(WFC) - Get Report

agreed to acquire

H.D. Vest


, a provider of financial planning services, for about $127.5 million in cash.

The companies expect to complete the transaction in the next three months.

Shares of Wells Fargo, which is based in San Francisco, gained 69 cents, or 1.6%, to $44.69 in recent

New York Stock Exchange

. H.D. Vest skyrocketed $14.09, or 224%, to $20.38 in


trading. The previous 52-week high was $10.

Wells Fargo will pay $21.03 for each share of H.D. Vest, of Irving, Texas. The acquisition requires regulatory and shareholder approval.