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Schwab’s Deal for TD Ameritrade Wins Antitrust Approval (3)

June 4, 2020, 2:00 PM

Charles Schwab Corp. won U.S. antitrust approval to buy rival TD Ameritrade Holding Corp., a $26 billion deal that further consolidates the brokerage industry.

Schwab said Thursday that the Justice Department approved the deal, which the company expects to close in the second half of the year.

Schwab estimates that integrating the businesses will take between 18 and 36 months following the close, it said.

The tie-up tightens Schwab’s grip on an industry it pioneered. The deal, which was announced in November, came after Schwab cut its trading commissions to zero, in a move that roiled the entire sector. The...

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