OMAHA, Neb. — Online brokerage TD Ameritrade has completed its acquisition of rival broker Scottrade and will spend the next several months combining their operations.

TD Ameritrade said Monday that the two-stage deal announced last fall had closed.

As part of the transaction, TD Ameritrade’s biggest shareholder, TD Bank, purchased Scottrade’s bank for $1.4 billion cash.

Then TD Ameritrade paid $1.7 billion cash and issued 28 million shares of stock to acquire Scottrade’s brokerage business.

Scottrade client accounts should be moved over to TD Ameritrade’s platform by the end of March.

Scottrade’s CEO will become an adviser to TD Ameritrade’s CEO. And Scottrade’s Peter deSilva will oversee the combined company’s retail trading operation. The two former Scottrade executives will remain in St. Louis instead of moving to TD Ameritrade’s headquarters in Omaha, Nebraska.

Author photo
The AP is one of the largest and most trusted sources of independent newsgathering. AP is neither privately owned nor government-funded; instead, as a not-for-profit news cooperative owned by its American newspaper and broadcast members, it can maintain its single-minded focus on newsgathering and its commitment to the highest standards of objective, accurate journalism.