Illinois-based independent registered investment adviser (RIA) Savant Capital Management has agreed to acquire Paragon Advisors. The said deal will boost Savant's assets under management to $3.7 billion. Terms of the acquisition, however, were not disclosed. Savant expects the deal to close on December 31, Investment News said in a report. 

The Financial Advisor Magazine in a separate report said Paragon Advisors currently has a total of $150 million assets under management. The Naperville-based registered investment advisory firm serves 130 Illinois families. 

Paragon founder Gregory De Jong and two Paragon client service team members will join Savant Capital, Investment News said.

The report, citing a statement made by Jong, said the deal could allow Paragon to expand its offerings and secure the long-term future of their practice. 

Savant Capital chief executive Brent Brodeski in a statement said the company's mergers and acquisitions strategy would only consider the best RIAs. He added that Paragon lives up to their name and is aligned with his company regionally, structurally, philosophically and culturally.