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E*Trade Adds Investors With $1.6B Buy

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Making its second major acquisition in as many months, E*Trade today said it will pay $1.6 billion in cash for J.P. Morgan's BrownCo online trading unit.

The deal will give E*Trade 200,000 new well-heeled customers who carry an average balance of more than $145,000 - second highest in the industry, E*Trade said.

''BrownCo is a premier brokerage asset and an ideal strategic fit for E*Trade, accelerating the build-out of our business model in this fast-consolidating industry,'' Mitchell H. Caplan, E*Trade's CEO, said in a statement.

E*Trade expects to gain $29 billion in assets, $3.4 billion in customer cash and approximately 28,000 daily average revenue trades from the acquisition.

This article was first published on internetnews.com. To read the full article, click here.

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