DOJ approves Charles Schwab buy of TD Ameritrade

Published on June 23, 2021

Interesting high defination online streaming top searched Short Term Investing, Potential Business, Starting a Business, and Has Charles Schwab Bought Td, DOJ approves Charles Schwab buy of TD Ameritrade.

Charles Schwab has received anti-trust approval from the Department of Justice for its acquisition of TD Ameritrade, according to sources. The deal, announced last November, calls for 1.0837 Schwab shares for each share of TD Ameritrade. CNBC’s David Faber reports.

Online broker Charles Schwab received antitrust approval from the Justice Department for its acquisition of TD Ameritrade, sources told CNBC’s David Faber on Thursday.

Shares of Schwab gained 5.5% and TD Ameritrade jumped 9%.

Schwab announced last November it would buy rival broker TD Ameritrade in the all-stock deal valued at $26 billion. The merging of the two biggest publicly traded discount brokers will create a mammoth with more than $5 trillion in client assets, $3.8 trillion from Schwab and $1.3 trillion from TD Ameritrade.

The acquisition calls for 1.0837 Schwab shares for each shares of TD Ameritrade, sources said. The companies expect the deal to close in the second half of 2020.

The deal raised concerns about Schwab’s dominance in the registered investment advisors space, but the DOJ did not see any violation, sources told Faber. The new company will hold over a third of the registered investment advisor custody market, JMP Securities estimates.

While some Wall Street analysts are worried the consolidation of two of the biggest players could flag antitrust issues, the company will capture only about 11% of client assets in the retail financial services market, Schwab said at the time the deal was announced.

The news was first reported in a tweet from Faber on Thursday morning.

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Has Charles Schwab Bought Td

Has Charles Schwab Bought Td, DOJ approves Charles Schwab buy of TD Ameritrade.

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