Online broker Charles Schwab received antitrust approval from the Justice Department for its acquisition of TD Ameritrade, sources told CNBC’s David Faber on Thursday.
Schwab announced last November it would buy rival broker TD Ameritrade in the all-stock deal valued at $26 billion. The merging of the two biggest publicly traded discount brokers will create a mammoth with more than $5 trillion in client assets, $3.8 trillion from Schwab and $1.3 trillion from TD Ameritrade.
The acquisition calls for 1.0837 Schwab shares for each shares of TD Ameritrade, sources said. The companies expect the deal to close in the second half of…