Charles Schwab has purchased equity-options and futures trading company, optionsXpress, Financial Times reports. The online retail brokerage will give 1.02 shares of its stock in exchange for each share of optionsXpress, or $17.91 per share, valuing the company at about $1 billion.
The companies estimate to generate about $80 million in synergies, mostly from revenues, while generating about $55 million in merger expenses. Schwab will retain optionsXpress’ platform.
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