America's 3rd largest online stockbroker TD Ameritrade agreed to acquire Thinkorswim Group for $606m (€444m) in cash and stock, in a move to push further into the fast-growing options market and build up its investor-education programs, reports efinancialnews. Other online options brokers include optionsexpress.
The FT reports the deal is expected to close in six months, subject to shareholder and regulatory approval. Ameritrade is being advised by Merrill Lynch, while thinkorswim is being advised by Park Avenue-based Paragon Capital Partners.
In other banking news, BoA has completed its acquisition of Merrill Lynch, creating the world's largest wealth management business. BoA expects to make $7bn in pre-tax expense savings, fully realised by 2012. Sources of cost reduction include elimination of positions, reduction of overlapping technology, vendor and marketing expenses.
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