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Business Charles Schwab completes its $22B purchase of TD Ameritrade; plans 2021 move...

Charles Schwab completes its $22B purchase of TD Ameritrade; plans 2021 move to Westlake

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OMAHA, Neb. (AP) — Charles Schwab has completed its roughly $22 billion acquisition of rival broker TD Ameritrade.

The companies said the deal was completed Tuesday although it will take another 18 to 36 months to integrate the two firms. The deal was announced last November — not long after both brokers eliminated commissions on most stock trades.

In January, the combined company will move its headquarters to Schwab’s new campus in Westlake, but it will keep substantial operations in Schwab’s current base of San Francisco. It is unclear how many jobs will be eliminated at Omaha, Nebraska-based TD Ameritrade as part of the merger.

TD Ameritrade stockholders received 1.0837 Schwab shares for each TD Ameritrade share they owned as part of the deal.

TD Ameritrade said Tuesday that outgoing CEO Stephen Boyle will receive a $600,000 cash bonus for his leadership during the transition. He became interim CEO after the deal was announced.

Schwab President and CEO Walt Bettinger said the combined company will stay focused on making investing accessible to all with low costs and great service.

Charles Schwab has built a $100 million regional office campus on Hillwood’s Circle T Ranch property.

Opened in late 2019, the Westlake location will also serve as a central location for meetings of the company’s board and its leadership team, which is also geographically dispersed across the country. The company does not anticipate any impact on the vast majority of San Francisco-based roles and expects to continue hiring in the city. Any additional real estate decisions will be made over time as part of the integration process, according to the company.

Credit Suisse Securities (USA) LLC served as financial advisor and Davis Polk & Wardwell LLP acted as legal advisor to Schwab. PJT Partners LP and Piper Sandler & Co. served as financial advisors and Wachtell, Lipton, Rosen & Katz acted as legal advisor to the strategic development committee of the board of directors of TD Ameritrade. – this report includes information from FWBP archives.

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