News & Events

Simpson Thacher is representing The Charles Schwab Corporation in connection with its all-stock acquisition of optionsXpress Holdings, Inc., a Chicago-based online brokerage company, valued at approximately $1.0 billion.  

Pursuant to the terms of the merger agreement, optionsXpress stockholders will receive 1.02 shares of Schwab’s common stock for each share of optionsXpress common stock.  Certain stockholders representing 22.9% of optionsXpress common stock have signed a voting agreement committing to vote their shares in favor of the transaction.  Completion of the transaction is subject to customary closing conditions, including the receipt of required regulatory approvals and the approval of optionsXpress stockholders.  The transaction is expected to close in the third quarter of 2011. 

Charles Schwab is a leading provider of financial services, with more than 300 offices and 8.0 million client brokerage accounts, 1.4 million corporate retirement plan participants, 710,000 banking accounts and $1.6 trillion in client assets.  optionsXpress is a pioneer in retail online brokerage services focused on equity options and futures, providing active investors and traders with trading tools, analytics and education services through its innovative brokerage platform. 

The Simpson Thacher team includes Lee Meyerson, Elizabeth Cooper and Iksoo Kim (M&A); Tyler Andersen and Craig Katerberg (Executive Compensation and Employee Benefits); Gary Mandel, Jonathan Goldstein and Amie Broder (Tax); and Joe Tringali, Michael Naughton and Ken Ehrhard (Antitrust).