![]() ![]() These non-voting shares are convertible into voting shares upon transfer to a third party. TD Bank got nearly 13.5% stake in Schwab, comprising 9.9% voting shares, and rest being non-voting common shares. In doing so, we intend to deliver a winning combination of low costs, great service and industry-leading technology to support our clients, and the advisors who serve them, across every phase of their financial journey.” Deal Terms & Other DetailsĪs agreed previously, shareholders of TD Ameritrade received 1.0837 shares of Schwab for each share of TD Ameritrade, except The Toronto-Dominion Bank ( TD Quick Quote TD - Free Report) (which had nearly 43% stake in TD Ameritrade). Looking forward, we intend to quickly and efficiently harness our complementary strengths in order to break down even more barriers for investors. Schwab President and CEO Walt Bettinger said, “As we begin this next chapter, we remain focused on continuing to be the industry’s most trusted leader in investment services. Further, the company anticipates the buyout to reduce operating expenses as a percentage of client assets. The all-stock deal, announced in November 2019, will deliver substantial scale to Schwab, helping it to drive long-term growth and serve a wide spectrum of customers at lower costs. This led to creation of a behemoth in online brokerage space with combined client assets of more than $6 trillion and serving nearly 28 million brokerage accounts. Charles Schwab ( SCHW Quick Quote SCHW - Free Report) has concluded the acquisition of TD Ameritrade Holding for roughly $22 billion. ![]()
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