E-Trade to Buy Irish Trading Firm
E-Trade Group Inc. said it will acquire TIR Holdings Ltd. of Ireland for $122 million in stock as it builds a global trading network for its international clients. TIR, which has annual revenue of $100 million and employs 140 people, executes trades for institutions in more than 35 countries. Palo Alto-based E-Trade, the second-largest Internet broker, said the purchase of TIR would add to earnings and should close in the next six to 12 months.
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