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Schwab - optionsXpress
Charles Schwab Corp. will acquire Chicago-based brokerage optionsXpress Holdings Inc., a move that's designed to play into investors' increased appetite for options. U.S. options trading volume has grown strongly recent years.
The all-stock $1 billion deal values optionsXpress at a 17% premium over its $15.33 closing price on Friday. The deal is expected to close in Q3 of 2011. In 2009, Schwab's chief rival, TD Ameritrade Holding Corp. bought options specialist thinkorswim.
Schwab expects the deal to bring $80mn in "revenue and expense synergies" and boost earnings "modestly" over the first full year of combined operations.""Options investors at Schwab tend to be among the larger, more active and longer-standing of our client relationships. OptionsXpress brings a similar set of sophisticated, engaged clients..." -- Schwab CEO Walt Bettinger.
optionsXpress CEO David Fisher will continue to lead the division as its president. [Reuters, 3/21]
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