The acquisition includes approximately 11,500 accounts. The parties intend to close as soon as possible.
For Ameritrade, this transaction follows its account acquisition of Mydiscountbroker.com in June, last year's merger with Datek Online Holdings Corp. and the 2001 acquisition of National Discount Brokers Corporation.
"This is a natural fit for BrokerageAmerica clients, who will find the Ameritrade offering provides excellent value, service and products. It should also enhance our shareholder value," said Joe Moglia, chief executive officer at Ameritrade.
"This transaction will enable BrokerageAmerica to focus on our core strengths: providing quality execution and enhanced liquidity for broker/dealers and institutional investors across a continually expanding list of securities," said Drew Sycoff, chief executive officer at BrokerageAmerica.
About Ameritrade Holding Corporation
Ameritrade Holding Corporation has a 28-year history of servicing self-directed investors. Ameritrade develops and provides innovative brokerage products and services tailored to meet the varying investing and portfolio management needs of individual investors and institutional distribution partners. With 3 million client accounts, Ameritrade, Inc.(1), a subsidiary of Ameritrade Holding Corporation, is a leader in the online brokerage business, recently receiving Forbes "Best of Web" honors as well as an overall four-star rating, and a top rating for "Ease of Use" and "Research Amenities" on the Barron's 2003 Online Broker Survey. For more information, please visit www.amtd.com.
Headquartered in New York City, BrokerageAmerica, LLC is a leading provider of equity execution services to broker/dealers and institutional investors. BrokerageAmerica has regional offices in Boston and San Francisco.
BrokerageAmerica is a member of the NASD, SIPC and MSRB.
(1) Ameritrade, Inc., member NASD/SIPC