Charles Schwab has confirmed it will acquire TD Ameritrade in an all-stock agreement worth $26 billion
: , creating an online giant in the retail brokerage industry that has been squeezed by a price war.by Schwab on Monday, means that TD Ameritrade stockholders will receive 1.0837 Schwab shares for each Ameritrade share.
Charles Schwab will manage $5 trillion of client assets after the deal is completed in mid-2020. It will lower costs and broaden customers’ options, according to Schwab CEO, Walt Bettinger. Schwab’s market value stands at $57.5 billion, while Ameritrade is valued at $22.4 billion. Some 24 million customers will be served by the merged company.
Bettinger said of the merger in a statement: “Together, we share a passion for breaking down barriers for investors and advisors through a combination of low cost, great service and technology.” TD Ameritrade CEO Tim Hockey will step down in February, and the company confirmed on Monday that it would be suspending its CEO search. It named its chief financial officer, Stephen Boyle, as interim CEO.: The merger comes after a dramatic turning point in a price war between brokerages vying to manage the assets of retail investors.
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