Charles Schwab to Buy optionsXpress Monday, March 21, 1:21 PM ET
Charles Schwab (NYSE:SCHW) said today it has agreed to acquire online options and futures and options trading company Xpress Holdings (OXPS) in a transaction valued at $1 billion.
optionsXpress shareholders will receive 1.02 shares of Schwab stock for each optionsXpress share they own, valuing optionsXpress at about $17.91 per share.
Both companies will initially retain their separate brand identities.
Schwab said the combination will offer investors a higher level of service and platform capabilities, particularly for active investor clients who are increasingly using options in their investing approach.
The acquisition is expected to be modestly accretive to earnings over the first full year of combined operations.
The deal is subject to optionsXpress shareholder and regulatory approval, and is expected to close in the third quarter.
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