Schwab to Buy Britain’s ShareLink Brokerage
Charles Schwab Corp., the largest U.S. discount brokerage, said Wednesday it plans to buy ShareLink Investment Services, one of Britain’s biggest discount brokerage firms, for about $65 million.
The move would give Schwab a real presence in Britain, where it currently has a single office and serves mainly Americans living there.
“Markets outside the U.S. represent an important opportunity for us,” said Charles R. Schwab, the company’s chairman. “Schwab’s expertise in technology, marketing and distribution will add to ShareLink’s leading position in the United Kingdom.”
ShareLink’s directors have endorsed the deal, which is expected to be completed by June 30, pending regulatory approval.
Schwab, based in San Francisco, has more than 3 million active investors with $132 billion in client assets. The company earned $135 million, or $1.54 a share, during 1994, a gain of 17%, as revenue rose 10% to $1.65 billion.
Schwab has 208 offices in the United States and operates one office in London.
London-based ShareLink had revenue of about $31 million for the 12 months ended Sept. 30. David Jones will continue as chief executive of ShareLink, which will keep its name.
Charles Schwab shares closed at $30.50, off 50 cents, Wednesday on the New York Stock Exchange.
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