AMSTERDAM — ING Direct said yesterday that it has reached an agreement with ShareBuilder Corp. to acquire its online brokerage business for $220 million.
Under the terms of the agreement, ING DIRECT USA will acquire 100% of ShareBuilder's outstanding equity-related interests, according to the company. Seattle-based ShareBuilder provides online brokerage services to credit unions, individual investors and other financial institutions. In April, ShareBuilder partnered with Wal-Mart Stores, Inc. to offer low-cost investment services to Wal-Mart customers and employees.
ING DIRECT USA will absorb 661,000 of ShareBuilder's customers, which will boost ING Direct's customer count to 20 million worldwide.
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