Morgan Stanley is buying online brokerage fire E*Trade for about $13 billion.
In the all-stock deal announced Thursday, E*Trade shareholders will receive 1.0432 Morgan Stanley shares for each share they own.
E*Trade has over 5.2 million client accounts with over $360 billion of retail client assets, adding to Morgan Stanley’s existing 3 million client relationships and $2.7 trillion of client assets.
The deal is expected to close in the fourth quarter.