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Broker-dealer TradeKing is getting acquired by financial services holding company Ally Financial (NYSE:ALLY). The deal is valued at $275 million which represents a $250 million premium on top of the value of the acquired net assets. The transaction is expected to close in the third quarter of 2016.
TradeKing’s business includes a wealth management unit which is the primary focus of Ally financial. Aside from the unit, the holding company will also receive an online broker/dealer, which has recently acquired the client assets of multi-asset brokerage MB Trading back in August last year. Subsequently the broker-dealer has dropped the ... (read more)