DOJ Clears Schwab's Acquisition of TD Ameritrade

June 04, 2020

The Antitrust Division of the United States Department of Justice (DOJ) informed Schwab has decided to close its investigation of Schwab’s proposed acquisition of TD Ameritrade.

Schwab President and CEO Walt Bettinger said, “We’re gratified by the DOJ’s decision and appreciate its diligent and thorough review. We are pleased to be clearing an important milestone in our planned acquisition of TD Ameritrade and look forward to today’s scheduled votes by the stockholders of our two companies, which represent another important step toward completion of the transaction.”

Completion of the transaction remains subject to the satisfaction (or, to the extent permitted by applicable law, waiver) of the customary closing conditions set forth in the merger agreement, including receipt of other regulatory approvals and obtaining the necessary approvals from stockholders of both Schwab and TD Ameritrade. Subject to satisfaction of those conditions, the parties continue to expect that the transaction will close in the second half of the year.

Integration is expected to take between 18 to 36 months to complete following the close.

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