After a bitter war over lower and lower fees, discount brokerage giant Charles Schwab (NYSE: SCHW) announced on Monday it will acquire its chief competition - TD Ameritrade (NASDAQ: AMTD) in an all-stock deal valued at $26 billion (USD).
Combined, the companies would have more than $5 trillion in client assets. Both brokerages had been attempting to attract customers by making it free to trade US stocks online.
The deal is expected to close in the second half of 2020 and is currently under investigation and could attract scrutiny from antitrust regulators.