SAN FRANCISCO (AP) — The Charles Schwab Corp. has agreed to acquire dividend income specialist ThomasPartners Inc. for an upfront payment of $85 million, plus additional payments if the smaller company can attract more investors.
Schwab, an investment services giant based in San Francisco, said Monday that the acquisition is unlikely to affect its earnings in the first 12 months after it closes. Schwab expects a minor boost to its earnings per share in the following year.
ThomasPartners, based in Wellesley, Mass., is an asset manager focused on dividend income. It had $2.3 billion under management as of Sept. 30, mostly in growth-oriented stocks that pay dividends. ThomasPartners has consistently outperformed competitors over the nine-year history of its dividend product, Schwab said.
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