The Charles Schwab (NYSE:SCHW) announces that the Board of Governors of the Federal Reserve System approved The Toronto-Dominion Bank to acquire a minority, non-controlling interest in Schwab in connection with proposed acquisition of TD Ameritrade (NASDAQ:AMTD).
The approval follow the June 4, announcement that the Antitrust Division of the U.S. Department of Justice closed its investigation of the proposed acquisition as well as approvals from the stockholders of both companies and regulators.
Schwab expects to close the transaction on October 6. The integration of TD Ameritrade into Schwab is expected to take 18 to 36 months.
Previously: Schwab gets DOJ approval for Ameritrade deal – CNBC (June 4)
Previously: Schwab, TD Ameritrade shareholders approve merger (updated) (June 4)
Previously: Schwab to adopt TD Ameritrade’s thinkorswim platform (Aug. 5)