Charles Schwab uses $1 billion in stock to buy OptionsXpress
Posted on Monday, March 21st, 2011 at 4:12 pm
Today, Charles Schwab Corp. agreed to use $1 billion in stock to purchase OptionsXpress, a retail options brokerage. The brokerage will be used in the Schwab’s equity and mutual funds offerings.
In the purchase, Schwab agreed to exchange 1.02 of its shares for each OptionsXpress share. OptionXpress’s acquisition price totaled 20 percent more than their closing price on March 18th.
Since 1999, Schwab has made at least 15 business purchases. Last year, the company bought Windward Investment Management Inc. for $150 million.
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