E*Trade completes BrownCo acquisition
E*Trade Financial Corporation (NYSE: ET) today announced it has completed the acquisition of BrownCo, an online brokerage service of JPMorgan Chase & Co. (NYSE: JPM).
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"E*Trade Financial is rapidly executing on its aggressive growth goals," said Mitchell H. Caplan, Chief Executive Officer, E*Trade Financial Corporation. "The close of the BrownCo deal in conjunction with the recent acquisition of Harrisdirect strengthens and extends our asset gathering strategy while adding significant scale to our operations."
In connection with the Company's common stock issuance to finance the BrownCo acquisition, the underwriters of the common stock offering have exercised their 10 percent over-allotment option.