Two of the leaders of the online brokerage industry are merging. Charles Schwab agreed to buy TD Ameritrade for $26 billion, the companies announced Monday.
"We have long respected TD Ameritrade," said Schwab CEO Walt Bettinger, in a statement."With this transaction, we will capitalize on the unique opportunity to build a firm with the soul of a challenger and the resources of a large financial services institution."The combined company would be a brokerage behemoth. It will have 24 million customer accounts with more than $5 trillion in client assets. Schwab and TD Ameritrade have a combined annual revenue of about $25 billion.
What that means for E-Trade and Charles Schwab"On the heels of all the zero-commission announcements, this was the inevitable next shoe to drop," said Bill Capuzzi, CEO of Apex Clearing, a custodian firm that holds securities for brokerages. Capuzzi said the merger makes"a lot of sense," because the overlap in their respective businesses could save the combined company a huge amount of money.
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Charles Schwab to buy TD Ameritrade in a $26 billion all-stock dealThe merging of the two biggest publicly traded discount brokers will create a mammoth with more than $5 trillion in client assets.
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Charles Schwab buys TD Ameritrade in brokerage blockbusterNEW YORK (AP) — Charles Schwab is buying rival TD Ameritrade in an approximately $26 billion all-stock deal, a blockbuster agreement accelerated by massive disruption in the online brokerage...
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Charles Schwab to acquire TD Ameritrade in $26 billion all-stock dealThe Charles Schwab Corp. will acquire rival discount broker TD Ameritrade Holding Corp. in an all-stock transaction valued at around $26 billion, the companies announced Monday. News of a prospective deal broke last week. The agreement between the companies would see TD Ameritrade stockholders receive 1.0837 Schwab shares for each TD Ameritrade share, representing a 17% premium over the 30-day volume weighted average price exchange ratio as of Nov. 29. The combined company would serve 24 million client accounts with more than $5 trillion in client assets, the companies said. Schwab shares were off 0.4% in premarket trade, while TD Ameritrade shares were up 1.6%.
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