TD Ameritrade Holding Corp. of Omaha has completed its acquisition of the brokerage thinkorswim Group Inc. of Chicago.
Thinkorswim's stockholders will receive $3.34 in cash and 0.398% of a share of TD Ameritrade common stock for each share of thinkorswim common stock.
The deal, which closed Thursday and was announced in January, has a total value of $606 million.
TD Ameritrade said it expects little to no impact to its fiscal 2009 earnings from the acquisition, with 3% to 7% accretion expected in fiscal 2010 and 7% to 10% in fiscal 2011.
TD Ameritrade added $3 billion of client assets under management in 87,000 retail brokerage accounts by acquiring the options platform. Thinkorswim's accounts place an average of 176 option trades a year.
With the acquisition TD Ameritrade has roughly $281 billion of client assets, 7.1 million accounts and 350,000 average daily client trades, including 73,000 option trades.
TD Ameritrade said over the next 18 months the two companies will phase in functionality for trading advanced options, futures and foreign exchange and expand the education offerings to include more programs focused on long-term investing.
Lee Barba, thinkorswim's chief executive officer, will advise Fred Tomczyk, TD Ameritrade's CEO, during the integration. Tom Sosnoff, a co-founder of thinkorswim, was named the senior vice president of TD Ameritrade's trader group. John Bunch, president of retail distribution at TD Ameritrade, has been put in charge of the education business, both for broker-dealer-provided content and thinkorswim's Investools curriculum.
Toronto-Dominion Bank has a minority stake in TD Ameritrade.