Charles Schwab will acquire the company for a deal valued at approximately $26 billion.
After reports surfaced last week that Charles Schwab was in talks to by TD Ameritrade, a filing with the US Securities and Exchange Commission (SEC) this Monday has confirmed those rumors.
Namely, the two companies have entered into a definitive agreement for Charles Schwab, an online discount brokerage, to acquire TD Ameritrade in an all-stock transaction valued at approximately $26 billion.
Stockholders of TD Ameritrade will receive 1.0837 Schwab shares for each TD Ameritrade share. This represents a 17 percent premium over the 30-day volume-weighted average price exchange ratio as of the 20th of November 2019, the statement said.
Transaction to be completed in H2 of 2020
Both parties expect that the transaction will close in the second half of next year. Once the deal has been completed, the integration of the two firms is expected to take between 18 and 36 months.
With the acquisition now in motion, the Board of Directors of TD Ameritrade has suspended its search for a Chief Executive Officer (CEO). Instead, Stephen Boyle, the company’s EVP and Chief Financial Officer (CFO) is the company’s interim President and CEO, effective immediately.
Boyle will lead the company through the acquisition with Schwab. Taking the position of CFO is Jon Peterson, formerly Managing Director of Analysis, Planning, and Reporting, according to a separate filing from Ameritrade.
Schwab, on the other hand, has named Senior EVP and COO Joe Martinetto to oversee the integration. He will be assisted by a team of experts from both companies. The new headquarters of the combined firm will be located in Westlake, Texas.
Commenting on the acquisition, Charles Schwab President and CEO Walt Bettinger said: “We have long respected TD Ameritrade since our early days pioneering the discount brokerage industry, and as a fellow advocate for investors and independent investment advisors.
“Together, we share a passion for breaking down barriers for investors and advisors through a combination of low cost, great service and technology. 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 that will be uniquely positioned to serve the investment, trading and wealth management needs of investors across every phase of their financial journeys.”
Acquisition gives Charles Schwab $1.3 trillion in assets
As Finance Magnates previously analyzed, Charles Schwab and TD Ameritrade are the two biggest publicly traded discount brokers in the United States. Therefore, the deal between the two players is likely to be a big change for the US market and will create a giant in the brokerage industry with $5 trillion in combined assets.
In fact, the acquisition will provide Schwab with around 12 million clients, $1.3 trillion in assets and approximately $5 billion in annual revenue.
After reports surfaced last week that Charles Schwab was in talks to by TD Ameritrade, a filing with the US Securities and Exchange Commission (SEC) this Monday has confirmed those rumors.
Namely, the two companies have entered into a definitive agreement for Charles Schwab, an online discount brokerage, to acquire TD Ameritrade in an all-stock transaction valued at approximately $26 billion.
Stockholders of TD Ameritrade will receive 1.0837 Schwab shares for each TD Ameritrade share. This represents a 17 percent premium over the 30-day volume-weighted average price exchange ratio as of the 20th of November 2019, the statement said.
Transaction to be completed in H2 of 2020
Both parties expect that the transaction will close in the second half of next year. Once the deal has been completed, the integration of the two firms is expected to take between 18 and 36 months.
With the acquisition now in motion, the Board of Directors of TD Ameritrade has suspended its search for a Chief Executive Officer (CEO). Instead, Stephen Boyle, the company’s EVP and Chief Financial Officer (CFO) is the company’s interim President and CEO, effective immediately.
Boyle will lead the company through the acquisition with Schwab. Taking the position of CFO is Jon Peterson, formerly Managing Director of Analysis, Planning, and Reporting, according to a separate filing from Ameritrade.
Schwab, on the other hand, has named Senior EVP and COO Joe Martinetto to oversee the integration. He will be assisted by a team of experts from both companies. The new headquarters of the combined firm will be located in Westlake, Texas.
Commenting on the acquisition, Charles Schwab President and CEO Walt Bettinger said: “We have long respected TD Ameritrade since our early days pioneering the discount brokerage industry, and as a fellow advocate for investors and independent investment advisors.
“Together, we share a passion for breaking down barriers for investors and advisors through a combination of low cost, great service and technology. 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 that will be uniquely positioned to serve the investment, trading and wealth management needs of investors across every phase of their financial journeys.”
Acquisition gives Charles Schwab $1.3 trillion in assets
As Finance Magnates previously analyzed, Charles Schwab and TD Ameritrade are the two biggest publicly traded discount brokers in the United States. Therefore, the deal between the two players is likely to be a big change for the US market and will create a giant in the brokerage industry with $5 trillion in combined assets.
In fact, the acquisition will provide Schwab with around 12 million clients, $1.3 trillion in assets and approximately $5 billion in annual revenue.
Institutional FX Demand Continues to Climb in April
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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