Press Release

TradeKing to Sell to Ally Financial for $275 Million

April 6, 2016

Washington DC – April 6, 2016 – Cooley is advising online broker TradeKing Group on its sale to financial services company Ally Financial for approximately $275 million. The sale is expected to close in the third quarter of 2016. This acquisition positions Ally to further capitalize on emerging market trends, drive growth and diversify its revenue stream.

“The addition of wealth management is the next key step in Ally’s digital product evolution and will create a powerful combination of segment-leading direct banking and innovative investment services in a single integrated customer experience,” said Ally Chief Executive Officer Jeffrey Brown in the company’s press release.

Florida-based TradeKing consists of companies with a singular focus on helping the independent investor succeed. TradeKing Securities, a member of FINRA and SIPC, is TradeKing's flagship online broker/dealer for self-directed investors looking for a modern trading experience on any device at a simple, low price. TradeKing’s client assets are worth approximately $4.5 billion.

The Cooley team advising TradeKing includes Kevin Mills, Derek Colla, Kerry Killeen, Paris Waterman, Dave Walsh, Stacy Crosnicker, Lesse Castleberry, Stephanie Gentile, Jackie Grise and Megan Browdie. 

About Cooley LLP

Clients partner with Cooley on transformative deals, complex IP and regulatory matters, and high-stakes litigation, where innovation meets the law. 

Cooley has 900 lawyers across 12 offices in the United States, China and Europe.

Press Coverage:

"Sullivan & Cromwell, Cooley Steer Ally's $275M TradeKing Buy," Law360

"Ally Financial Signs Deal to Acquire Brokerage TradeKing Group," SMN Weekly

"Ally Financial Foraying into Wealth Management Business?," Nasdaq

"Ally Financial Foraying into Wealth Management Business?," Zacks

"Ally Delivers on Promise to Expand Services," The Deal

"Ally Financial to Acquire TradeKing for $275 Million," Crain's Detroit Business

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