Davis Polk advised The Charles Schwab Corporation on its $26 billion all-stock acquisition of TD Ameritrade Holding Corporation.  Under the agreement, TD Ameritrade stockholders received 1.0837 Schwab shares for each TD Ameritrade share.  The DOJ Antitrust Division approved the transaction following a detailed second request review.

Schwab is a leading provider of financial services, with more than 365 offices and 12.1 million active brokerage accounts, 1.7 million corporate retirement plan participants, 1.4 million banking accounts, and $3.77 trillion in client assets as of September 30, 2019.  Through its operating subsidiaries, the company provides a full range of wealth management, securities brokerage, banking, asset management, custody, and financial advisory services to individual investors and independent investment advisors.  TD Ameritrade provides investing services and education to approximately 12 million client accounts totaling approximately $1.3 trillion in assets, and custodial services to more than 7,000 registered investment advisors.  TD Ameritrade is a leader in U.S. retail trading, executing an average of approximately 800,000 trades per day, more than a quarter of which come from mobile devices. See Schwab-TD Deal Wins DOJ Antitrust Approval, Investment News, June 4, 2020; Charles Schwab Wins DOJ Approval For $26 Billion TD Ameritrade Deal, Forbes, June 4, 2020.

The Davis Polk team advising Schwab was led by partners Ronan P. Harty and Howard Shelanski.

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