E*Trade to buy OptionsHouse for $725 millionStaff Writer | July 25, 2016
E*Trade Financial said it will buy the parent of online brokerage OptionsHouse for $725 million in cas.
Acquisition OptionsHouse executed 27,000 daily average revenue trades
Chicago-based OptionsHouse currently operates 154,000 customer accounts and has $3.6 billion in customer assets, including $1.4 billion in cash.
E*Trade, which operates a discount broker-dealer and a bank, said it intends to help finance the deal by issuing up to $400 million of preferred stock.
The company said it expected the deal, which is likely to close in the fourth quarter, to add to earnings in 2018. ■