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"This is a wonderful day for our Company," said J. Joe
Ricketts, chairman and founder of Ameritrade Holding Corporation.
"This announcement marks an extraordinary advancement in Ameritrade's
27-year history of building a premier financial institution in the
online brokerage industry. I am particularly excited by the strength
of the experience, shared vision and financial sophistication that
we expect our new Board of Directors to bring in support of our
management's focus on ensuring that the Company delivers on its
full potential."
"Through this merger, Ameritrade reinforces our commitment
to providing optimum customization and choice at a tremendous value
for clients," said Joe Moglia, chief executive officer of Ameritrade
Holding Corporation who will be the CEO of the combined company.
"The realization of significant synergies from operations,
advertising, technology and client service will enable us to accelerate
our complementary growth and profitability strategies thereby creating
additional value for shareholders."
Ed Nicoll, chairman and chief executive officer of Datek Online
Holdings Corp. added, "When we combine Datek's products, tools
and technology with Ameritrade's highly-rated client service, we
will establish an unbeatable proposition, especially for the active
trader segment, by delivering a new standard of service and trading
capabilities we know self-directed investors want."
"The great interest Datek generated among potential partners
gave the private investor group a unique opportunity to carefully
evaluate a variety of online brokerage business models and growth
strategies," said Steve Pagliuca, a Managing Director of Bain
Capital. "We unanimously concluded that investing in the market
leader of a fast-growing and strategically important segment created
the best long-term value. The new Ameritrade will set the standard
of excellence in the marketplace for self-directed investors. We
look forward to putting our collective skills and experience to
work as members of the new Board of Directors."
The transaction is expected to close within 90 days, subject to
customary regulatory and shareholder approvals. On completion of
the transaction, the Ricketts family will own 27.6 percent of Ameritrade
common stock; Bain Capital will own approximately 10.7 percent of
Ameritrade common stock; TA Associates will own approximately 9.0
percent of Ameritrade common stock; Silver Lake Partners will own
approximately 7.7 percent of Ameritrade common stock; Group Arnault
will own approximately 4.8 percent; and Advent International will
own approximately 3.1 percent.
Ameritrade will update its current projections in the Investor
Relations "Outlook" section of its corporate Web site
located at www.amtd.com after closing the transaction.
About Ameritrade Holding Corporation
Ameritrade Holding Corporation (www.amtd.com)
is a pioneer in the online brokerage industry with a 27-year history
of providing clients a self-directed approach to investment services.
The award-winning Company, through its Private Client and Institutional
Client divisions, provides tiered levels of brokerage products and
services tailored to meet the varying investing, trading and execution
needs of self-directed individual investors, financial institutions
and corporations.
About Datek Online Holdings Corp.
Established in 1998, privately held Datek Online Holdings Corp.
is one of the most innovative financial services companies in the
United States. The Company's primary businesses are Datek Online
Financial Services LLC, a pioneer in the online brokerage industry;
iClearing LLC, a securities clearing operation; and iCapital Markets
LLC, a provider of execution services. (www.datek.com)
About Bain Capital
Bain Capital is a global private equity firm with over $12 billion
in assets under management. The firm has made investments in more
than 225 companies, across many industries. Headquartered in Boston,
Bain Capital has offices in New York, San Francisco, London and
Munich. (www.baincapital.com)
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