WESTLAKE (WBAP/KLIF) – A major financial investment company is moving its headquarters to DFW.
The Charles Schwab Corporation said Monday that it is acquiring TD Ameritrade in a deal valued at $26 billion.
“The transaction has been unanimously approved by the Boards of Directors of Schwab and TD Ameritrade, as well as the Strategic Development Committee of TD Ameritrade’s Board—a committee comprised solely of outside, independent directors that was established by the Board of Directors of TD Ameritrade to oversee and conduct the process and all negotiations concerning the transaction on behalf of the Board,” Charles Schwab Corp. said in a statement. “Post-closing, The Toronto-Dominion Bank, which currently holds approximately 43% of TD Ameritrade’s common stock, will have an estimated aggregate ownership position of approximately 13% in the combined company, with other TD Ameritrade stockholders and existing Schwab stockholders holding approximately 18% and 69%, respectively. TD Bank’s voting stake will be capped at 9.9%, with the balance of its position held in a new, non-voting class of Schwab common stock.”
Once the acquisition is final the company plans to relocate its headquarters from San Francisco to the North Texas town of Westlake, outside Trophy Club.
“Both companies have a sizable presence in the Dallas-Fort Worth area,” the statement from Charles Schwab said. “This will allow the combined firm to take advantage of the central location of the new Schwab campus to serve as the hub of a network of Schwab branches and operations centers that span the entire U.S., and beyond. Any additional real estate decisions will be made over time as part of the integration process.”
The move marks another example of businesses and residents relocating to Texas from California.
“Dallas-Fort Worth alone attracts 246 migrants a day, mainly from California,” said SMU Economist Bud Weinstein. “The numbers are really astounding.”
Weinstein said DFW gets more people from other states than any other party of the country and he does not predict that trend will fade anytime soon.
The Dallas Regional Chamber of Commerce released the following statement:
“Our team at the DRC has been in contact with Charles Schwab for a few years and has encouraged the company to grow here. We’ve visited Schwab’s headquarters in San Francisco while on California corporate recruitment missions, and provided strategic support to Schwab in 2016 as the company considered a major campus at Circle T Ranch in Westlake,” said Dale Petroskey, President and CEO of the Dallas Regional Chamber. “We’re confident that Schwab’s positive experience here since the 2016 campus announcement contributed greatly to its decision to choose DFW for its headquarters.”
Listen to Clayton Neville’s story below:
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