Morgan Stanley (MS) said Friday it has completed the acquisition of financial services company E*TRADE Financial Corp. (ETFC) in an all-stock transaction.
E*TRADE common stockholders are entitled to receive 1.0432 Morgan Stanley common shares for each E*TRADE common share. In February, Morgan Stanley said it agreed to acquire E*TRADE in an all-stock transaction valued at about $13 billion.
"The addition of E*TRADE positions us as an industry leader in Wealth Management across all channels and segments, and significantly increases the scale and breadth of our Wealth Management franchise, which now oversees $3.3 trillion in assets," said James Gorman, Chairman and Chief Executive Officer of Morgan Stanley.
Michael Pizzi, CEO of E*TRADE, has joined Morgan Stanley and will lead E*TRADE's direct-to-consumer, digital self-directed business that will operate under the E*TRADE brand, and will co-lead the equity administration business. Pizzi also joins the Morgan Stanley Operating and Management Committees.
In addition, Shelley Leibowitz, one of E*TRADE's independent directors, has joined the Morgan Stanley Board of Directors.
Leibowitz was on the board of directors at E*TRADE from December 2014 to September 2020. She is President of SL Advisory, a firm she founded in 2016 that focuses on technology strategy, digital transformation, IT portfolio and risk management, and information security. From 2009 through 2012, Leibowitz served as Group Chief Information Officer for the World Bank.
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