Morgan Stanley buying E*Trade for about $13 billion

Morgan Stanley is buying online brokerage E*Trade for about $13 billion.

In the all-stock deal announced Thursday, E*Trade shareholders will receive 1.0432 Morgan Stanley shares for each share they own.

E*Trade has over 5.2 million client accounts with over $360 billion of retail client assets, adding to Morgan Stanley’s existing 3 million client relationships and $2.7 trillion of client assets.

The deal is expected to close in the fourth quarter.

(Copyright 2020 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.)