has finally landed a deal with another online broker. E Trade will buy Harrisdirect's
U.S. operations for $700 million in cash, according to a press release
will add 430,000 customer accounts with $32 billion in assets, or an average account balance of $70,000. Harrisdirect's
customer base executes approximately 15,000 trades per day.
After the integration of Harrisdirect
, E Trade will have more than four million customer accounts with $130 billion assets, making an average of 130,000 daily trades.
E Trade expects to realize $186 million in pre-tax operating synergies -- $114 million in expense synergies and $72 million in revenue synergies.
E Trade also obtained to market to an additional 300,000 customer accounts through the deal.
Stay ahead of the news ... Sign up for our email alerts now