The Charles Schwab Corporation Completes Secondary Offering of Common Stock
Charles Schwab (NYSE: SCHW) has completed a significant secondary offering where TD Group US Holdings sold 165,443,530 shares at $79.25 per share, totaling $13.1 billion. This offering, combined with a previously announced $1.5 billion share repurchase by Charles Schwab from TD, marks TD's complete exit from its shareholding position.
The secondary offering was led by TD Securities and Goldman Sachs & Co. , with Piper Sandler & Co. serving as financial and capital markets advisor. Following this transaction, Brian M. Levitt and Bharat B. Masrani have resigned from Charles Schwab's board of directors. Notably, Charles Schwab did not receive any proceeds from this share sale.
Charles Schwab (NYSE: SCHW) ha completato un'importante offerta secondaria in cui TD Group US Holdings ha venduto 165.443.530 azioni a $79,25 per azione, per un totale di $13,1 miliardi. Questa offerta, unita a un precedente riacquisto di azioni da $1,5 miliardi da parte di Charles Schwab da TD, segna l'uscita completa di TD dalla sua posizione azionaria.
L'offerta secondaria è stata guidata da TD Securities e Goldman Sachs & Co., con Piper Sandler & Co. che ha svolto il ruolo di consulente finanziario e dei mercati dei capitali. Dopo questa transazione, Brian M. Levitt e Bharat B. Masrani si sono dimessi dal consiglio di amministrazione di Charles Schwab. È importante notare che Charles Schwab non ha ricevuto alcun provento dalla vendita di queste azioni.
Charles Schwab (NYSE: SCHW) ha completado una importante oferta secundaria en la que TD Group US Holdings vendió 165,443,530 acciones a $79.25 por acción, totalizando $13.1 mil millones. Esta oferta, combinada con un recompra de acciones previamente anunciada de $1.5 mil millones por parte de Charles Schwab de TD, marca la salida completa de TD de su posición accionaria.
La oferta secundaria fue liderada por TD Securities y Goldman Sachs & Co., con Piper Sandler & Co. actuando como asesor financiero y de mercados de capitales. Tras esta transacción, Brian M. Levitt y Bharat B. Masrani han dimitido del consejo de administración de Charles Schwab. Notablemente, Charles Schwab no recibió ningún ingreso de esta venta de acciones.
찰스 슈왑 (NYSE: SCHW)은 TD Group US Holdings가 주당 $79.25에 165,443,530주를 판매하여 총 $13.1억 달러에 달하는 중요한 2차 공모를 완료했습니다. 이 공모는 찰스 슈왑이 TD로부터 15억 달러 규모의 자사주 매입을 발표한 것과 결합되어 TD의 주식 보유에서 완전한 퇴출을 의미합니다.
이번 2차 공모는 TD 증권과 골드만삭스가 주도하였으며, 파이퍼 샌들러가 재무 및 자본 시장 자문 역할을 맡았습니다. 이번 거래 이후, 브라이언 M. 레빗과 바라트 B. 마스라니는 찰스 슈왑 이사회에서 사임했습니다. 주목할 점은 찰스 슈왑이 이번 주식 판매로 인해 어떤 수익도 받지 않았다는 것입니다.
Charles Schwab (NYSE: SCHW) a réalisé une offre secondaire importante où TD Group US Holdings a vendu 165 443 530 actions à 79,25 $ par action, totalisant 13,1 milliards $. Cette offre, combinée à un rachat d'actions de 1,5 milliard $ précédemment annoncé par Charles Schwab auprès de TD, marque la sortie complète de TD de sa position d'actionnaire.
L'offre secondaire a été dirigée par TD Securities et Goldman Sachs & Co., avec Piper Sandler & Co. agissant en tant que conseiller financier et des marchés de capitaux. Suite à cette transaction, Brian M. Levitt et Bharat B. Masrani ont démissionné du conseil d'administration de Charles Schwab. Il est à noter que Charles Schwab n'a reçu aucun produit de cette vente d'actions.
Charles Schwab (NYSE: SCHW) hat ein bedeutendes sekundäres Angebot abgeschlossen, bei dem TD Group US Holdings 165.443.530 Aktien zu einem Preis von 79,25 $ pro Aktie verkauft hat, was insgesamt 13,1 Milliarden $ ergibt. Dieses Angebot, kombiniert mit einem zuvor angekündigten Aktienrückkauf in Höhe von 1,5 Milliarden $ durch Charles Schwab von TD, markiert den vollständigen Ausstieg von TD aus seiner Aktionärsposition.
Das sekundäre Angebot wurde von TD Securities und Goldman Sachs & Co. geleitet, während Piper Sandler & Co. als Finanz- und Kapitalmarkberater fungierte. Nach dieser Transaktion haben Brian M. Levitt und Bharat B. Masrani ihren Rücktritt aus dem Vorstand von Charles Schwab bekannt gegeben. Bemerkenswert ist, dass Charles Schwab aus diesem Aktienverkauf keine Einnahmen erzielt hat.
- Complete exit of TD as a major shareholder reduces ownership complexity
- $1.5 billion share repurchase demonstrates company's financial strength
- Simplified board structure with departure of TD-affiliated directors
- Large secondary offering of 165.4M shares could create temporary selling pressure
- Loss of strategic relationship with TD Bank
Insights
The completion of TD Bank's exit from Charles Schwab through a $13.1 billion secondary offering and $1.5 billion share repurchase represents a pivotal transaction in the financial services sector. The offering's structure and execution demonstrate sophisticated financial engineering, with the 165.4 million shares priced at
The transaction's mechanics reveal several strategic considerations. The involvement of top-tier investment banks TD Securities and Goldman Sachs suggests a well-orchestrated distribution strategy to institutional investors, likely involving significant pre-marketing to ensure smooth absorption of such a large block. The pricing, representing a modest discount to market prices, indicates strong institutional demand and efficient price discovery.
The complete severance of ties between TD and Schwab, marked by the resignation of two board members, carries broader implications for both institutions' strategic positioning. For Schwab, this clean break provides enhanced operational autonomy and simplified governance structure, potentially enabling more agile decision-making in its competitive retail brokerage and wealth management businesses. The successful execution of such a large secondary offering also demonstrates market confidence in Schwab's standalone prospects.
From a market structure perspective, this transaction redistributes a significant ownership block to a broader institutional investor base, potentially increasing Schwab's float and trading liquidity. The share repurchase component shows prudent capital management, effectively reducing the dilutive impact while maintaining strong capital ratios.
Following the completion of the secondary offering and the previously announced
The secondary offering was led by TD Securities and Goldman Sachs & Co. LLC. Piper Sandler & Co. acted as financial and capital markets advisor to the Company.
In connection with the TD disposition, Brian M. Levitt and Bharat B. Masrani have resigned from Charles Schwab’s board of directors.
Charles Schwab has filed a registration statement (including a prospectus and prospectus supplement) with the Securities and Exchange Commission (the “SEC”) for the secondary offering to which this communication relates. The registration statement (including a prospectus and prospectus supplement) may be obtained for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, any underwriter or any dealer participating in the offering will arrange to send you the registration statement (including a prospectus and prospectus supplement) if you request it by contacting (i) TD Securities (
This announcement shall not constitute an offer to sell or the solicitation of any offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
Forward-Looking Statements
This press release contains forward-looking statements that involve substantial risks, uncertainties and assumptions that could cause actual results to differ materially from those expressed or implied by such statements. These forward-looking statements include statements regarding the offering and the share repurchase, the Company’s plans, objectives, expectations and intentions and the financial condition, results of operations and business of the Company. These forward-looking statements are subject to risks and uncertainties, including, among other things, risks related to the ability of the Company to consummate the offering and the share repurchase and the risks described in the company’s most recent reports on Form 10-K and Form 10-Q, which have been filed with the SEC and are available on the company’s website (www.aboutschwab.com/financial-reports) and on the SEC’s website (www.sec.gov). The Company makes no commitment to update any forward-looking statements.
About Charles Schwab
The Charles Schwab Corporation (NYSE: SCHW) is a leading provider of financial services, with 36.5 million active brokerage accounts, 5.4 million workplace plan participant accounts, 2.0 million banking accounts, and
View source version on businesswire.com: https://www.businesswire.com/news/home/20250212202179/en/
MEDIA
Mayura Hooper, 415-667-1525
public.relations@schwab.com
INVESTORS/ANALYSTS
Jeff Edwards, 817-854-6177
investor.relations@schwab.com
Source: The Charles Schwab Corporation
FAQ
How many shares did TD sell in the SCHW secondary offering?
What was the total value of TD's exit from SCHW including share repurchase?
How many directors resigned from SCHW's board following TD's exit?
Did Charles Schwab receive any proceeds from TD's secondary offering of SCHW shares?
What was the price per share in the SCHW secondary offering?
