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, Texas, 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.