(Reuters) - Australian financial conglomerate Macquarie Group said on Wednesday its asset management unit will buy U.S.-based investment management firm Waddell & Reed Financial Inc for $1.7 billion in cash. Shares of Waddell & Reed soared 47% in extended trading. The offer price of $25 per share represents a premium of 48% to Waddell & Reed’s closing price on Dec. 1, the last trading day before the announcement of the deal, the companies said. After the deal closes, Macquarie will sell Waddell & Reed’s wealth management platform to U.S. investment advisory firm LPL Financial Holdings Inc for $300 million. The deal is expected to close in the middle of 2021.