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Monday, August 08, 2005|
Deal Time (At Last) for E Trade
E Trade 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
Harrisdirect 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.
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