Scottrade Is Latest St. Louis Company To Be Sold
(Town and Country, MO) — TD Ameritrade is buying St. Louis County-based Scottrade in a 4-billion dollar cash-and-stock deal. It’s expected to take nine-to-12 months to complete the process and get all the federal approvals needed. TD Bank Group will buy Scottrade Bank for 1.3-billion dollars in cash. Scottrade will then buy 11-million shares from T-D Ameritrade for 400-million dollars. At that point, TD Ameritrade will buy Scottrade Financial Services for 4-billion dollars. The two will continue to operate as separate companies until the transaction is complete.