CHARLOTTE, N.C. (AP) – Financial services firm Wachovia Corp. said Monday it completed its acquisition of retail brokerage firm AG Edwards Inc. for $6.8 billion.
AG Edwards will be combined with Wachovia Securities LLC to create a brokerage firm with $1.1 trillion in client assets and about 15,000 financial advisers.
Wachovia Securities and AG Edwards will continue to operate under separate names until 2008. The merger integration is scheduled to be completed in 2009.
Wachovia president and chief executive Danny Ludeman will hold those positions at the merged firm. Robert Bagby, chairman and CEO of AG Edwards, is now chairman of the combined operation.
AG Edwards shareholders received $35.80 in cash and 0.9844 shares of Wachovia common stock for each share of AG Edwards they owned.
Wachovia shares lost 65 cents at $49.50 after closing at $50.15 on Friday.