Chicago-based OptionsXpress to be acquired by Charles Schwab

(Crain's) — OptionsXpress has agreed to sell itself to financial services giant Charles Schwab Corp. in a deal the companies value at about $1 billion.

Under the terms, shareholders in optionsXpress are to get 1.02 shares of Charles Schwab stock for each share of the Chicago-based options brokerage.

“This combination of capabilities allows optionsXpress to bring our leading-edge trading and analytical technologies to one of the largest and premier brokerages in the world,” optionsXpress CEO David Fisher said in a release.

After the deal closes, Mr. Fisher is to continue to head optionsXpress, with the title of president, and will be a senior vice-president of San Francisco-based Schwab.

Mr. Fisher has been ready to sell optionsXpress, which was founded in 2001. Last year he said, “If the right offer comes around, we absolutely would consider it — we're not entrenched here.”