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.
The transaction is subject to approval by the relevant authorities and is expected to close by the end of 2007, according to ING Direct.
ShareBuilder serves more than 100 credit unions.
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
