Charles Schwab has confirmed it will acquire TD Ameritrade in an all-stock deal valued at about $26 billion.
Schwab announced the agreement Monday. CNN reports the combined company would handle 24 million customer accounts with more than $5 trillion in client assets. That's leading some outlets to describe it as a "behemoth."
Schwab's president and CEO said in a statement: "We have long respected TD Ameritrade. ... With this transaction, we will capitalize on the unique opportunity to build a firm with the soul of a challenger and the resources of a large financial services institution."
But analysts say the deal could face challenges from federal regulators if they determine it poses antitrust issues.