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Morgan Stanley to buy E-Trade for $13 billion

Posted at 6:52 AM, Feb 20, 2020

NEW YORK — Investment bank Morgan Stanley announced it would buy the online brokerage company E-Trade for roughly $13 billion, one of the biggest deals on Wall Street since the Financial Crisis.

The deal also is the latest chapter in Morgan Stanley's transformation from the scrappy investment bank to a more well-rounded financial firm now more reliant on its asset and wealth management businesses.

Under the terms of the deal, E-Trade shareholders will receive 1.0432 shares of Morgan Stanley for each share they own.