OMAHA, Neb. (AP) -- 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.