Charles Schwab has completed its acquisition of Forge Global Holdings, which provides eligible investors with direct and indirect access to pre-IPO companies' shares through direct private share purchases, single company funds and multi-company funds.
The transaction brings together leaders in public markets and private marketplace transactions, positioning Schwab to offer access to both markets for individual investors and RIAs, the firm said Monday.
"We believe helping more people participate directly in the growth of private companies is a meaningful opportunity for wealth creation and diversification, attractive to individual investors and the advisors who serve them," Schwab President and CEO Rick Wurster said. "This acquisition helps us round out our alternative investments offer while bringing expanded access, better value, and increased transparency to the private markets, just as Schwab historically brought to the public market."
Integration is underway, Schwab said, adding it will introduce Forge's products to more individual investors and RIAs over time.
Under the terms of the agreement announced in November, Forge's shareholders received $45 cash per outstanding common share.
Credit: Diego M. Radzinschi/ALM
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