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E*Trade to Buy Harrisdirect for $700 Million in Cash

Contributed by mm | August 8, 2005 6:18 AM PST





Lots of consolidation in the discount brokerage segment. Will this increase the pricing power of the remaining ones?

From Wall Street Journal:

E*Trade Financial Corp. agreed to acquire the Harrisdirect online-brokerage business of Bank of Montreal, accelerating the consolidation of the U.S. Internet-investing industry.

New York-based E*Trade is paying $700 million in cash for Harrisdirect. The pact follows news of another big online-trading transaction, in which Ameritrade Holding Corp. in June agreed to acquire the TD Waterhouse USA operations of Canada's Toronto-Dominion Bank.

E*Trade itself had sought a merger with Ameritrade, but a deal between the two rivals didn't materialize, leading observers to wonder what E*Trade's next move would be. The Waterhouse and Harrisdirect deals follow calls for more mergers in the online-brokerage industry, which enjoyed a boom during the days of the technology-stock bubble but later faced difficult stock-market conditions.

"We've said for a while we've been looking for deals, and we've been sort of frustrated that deals haven't happened before," said E*Trade President R. Jarrett Lilien, in a telephone interview.
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