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