June 5, 2020
San Francisco-based Charles Schwab’s $26-billion acquisition of TD Ameritrade received Justice Department antitrust clearance on Thursday. Shareholders of both companies overwhelmingly approved the deal at a special virtual shareholders meetings held Thursday. The deal is expected to close in the second half of the year.
Schwab’s Walt Bettinger says, “The combination will generate substantial long-term value for Schwab’s stockholders, and bring together two leading firms with proud and similar histories of making investing more accessible to all.”
When the deal was first announced last year, Schwab indicated the combined company would be based in the Dallas-Fort Worth community of Westlake. Schwab plans to maintain a commitment to the Bay Area though, with a small percentage of roles shifting to Texas over time. The company said the vast majority of San Francisco-based positions aren’t expected to be impacted by the HQ move to Westlake, and it continues to hire and maintain a large corporate presence in the city.
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