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Charles Schwab Buys Online Trader OptionsXpress For $1B

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(CBS)

(CBS)

SAN FRANCISCO (CBS/AP) – San Francisco-based Charles Schwab is buying online brokerage services provider OptionsXpress for $1 billion.

The discount broker said OptionsXpress shareholders will receive 1.02 shares of Schwab stock for each share of OptionsXpress share. Based on Schwab’s closing price on Friday of $17.91, the transaction is valued at $1 billion.

OptionsXpress Holdings Inc., based in Chicago, provides brokerage services for equity options and futures trading. At the end of February, the company had 385,200 client accounts and $8.1 billion in client assets.

Charles Schwab Corp. has $1.6 trillion in client assets at the end of the same period.

The deal is expected to close in the third quarter.

(Copyright 2011 by CBS San Francisco. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. Wire services may have contributed to this report.)

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