A PYMNTS Company

DOJ Asks Schwab, TD For More Info In Antitrust Probe

By  |  January 30, 2020

The US Department of Justice (DOJ) is conducting a second review of the US$26 billion planned deal for Charles Schwab to acquire TD Ameritrade, according to the companies’ SEC filings. The DOJ is responsible for examining antitrust concerns in large corporate mergers.

    Get the Full Story

    Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no additional logins required.

    yesSubscribe to our daily newsletter, PYMNTS Today.

    By completing this form, you agree to receive marketing communications from PYMNTS and to the sharing of your information with our sponsor, if applicable, in accordance with our Privacy Policy and Terms and Conditions.

    The new request extends the waiting period for 30 days after TD Ameritrade and Schwab have substantially complied with the terms, unless the period for review is extended voluntarily by the parties and the DOJ or is terminated earlier by the DOJ, the TD Ameritrade filing notes. 

    “TD Ameritrade and Schwab have and will continue to cooperate fully with the DOJ in its review,” the filing states.

    Questions about potential antitrust violations were raised by industry players and observers soon after the deal was announced in November last year.

    “It really is common for a deal of this size for the DOJ to do its homework,” Tom Nally, president of TD Ameritrade Institutional, said Thursday at the firm’s LINC conference in Orlando, Florida.

    “This is the first time the DOJ is examining our industry,” he added. “This is not a surprise to us. We knew it was likely…We don’t anticipate it’s going to slow down the deal.” 

    Nally said that while the deal is expected to close in the second half of 2020, the integration would take two to three years.

    Full Content: Bloomberg

    Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.