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Schwab to buy optionsXpress in $1 billion deal


    NEW YORK (Reuters) - Charles Schwab Corp will buy smaller retail brokerage optionsXpress Holdings Inc in a $1 billion deal aimed at helping Schwab take advantage of investors' stronger embrace of options.

    The all-stock deal values optionsXpress at $17.91 per share, a 17 percent premium over its $15.33 closing price on Friday. OptionsXpress shares jumped 16 percent in premarket trading on Monday. Schwab shares rose 1.9 percent.

    Under the terms of the deal, which is expected to close in the third quarter, each share of Chicago-based optionsXpress would be swapped for 1.02 shares of Schwab.

    The deal is a nod to retail investors' increased comfort with using options contracts to speculate and hedge. U.S. options trading volume has grown strongly recent years.

    Schwab's chief rival, TD Ameritrade Holding Corp , bought options specialist thinkorswim in 2009.

    San Francisco-based Schwab said the deal is expected to bring $80 million in "revenue and expense synergies" and boost earnings "modestly" over the first full year of combined operations."

    "Options investors at Schwab tend to be among the larger, more active and longer-standing of our client relationships," Chief Executive Walt Bettinger said in a statement. "OptionsXpress brings a similar set of sophisticated, engaged clients..."

    David Fisher, CEO of 10-year-old optionsXpress, will continue to lead the division as its president, the companies said.

    (Reporting by Jonathan Spicer; editing by John Wallace)