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Charles Schwab, TD Ameritrade in 26 bn dollar deal
Charles Schwab Corp said it would buy TD Ameritrade Holding Corp in an all-stock deal valued at about $26 billion. As part of the deal, Ameritrade stockholders will receive 1.0837 Schwab shares for every share held.
Bengaluru
The deal, which would combine the two largest US discount brokerages, is expected to close in the second half of 2020. TD Ameritrade CEO Tim Hockey is due to step down in February. The companies said on Monday they will suspend the CEO search and named TD Ameritrade CFO Stephen Boyle as TD’s interim president and CEO. A deal between the two companies could be seen as a response to recent disruption in the industry, where nimbler startups such as Menlo Park, California-based Robinhood are rapidly gaining market share by eliminating commissions on stock trades.
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