Charles Schwab Corp. is set to acquire Forge Global Holdings Inc. for $660 million, marking CEO Rick Wurster’s first deal at the helm. The transaction values Forge’s shares at $45 each, a 72% increase from the previous day’s closing price. Schwab aims to provide retail investors with access to private companies as they stay private longer.

Schwab, based in Texas, rebounded from regional banking turmoil in 2023, reporting strong third-quarter earnings and exceeding estimates. The firm saw a surge in new brokerage accounts, surpassing 1 million for the fourth consecutive quarter. Schwab’s shares have risen 27% this year, outperforming the S&P 500.

Morgan Stanley recently agreed to acquire EquityZen, a competitor to Forge, as reported by Bloomberg News. The acquisition adds to the trend of major financial institutions seeking access to private company investments. Schwab’s move to acquire Forge comes as it hosts its annual Impact conference in Denver, with WealthManagement.com providing full coverage of the event.

Read more at Yahoo Finance: Schwab Agrees to Buy Private Share Platform for $660M