E*TRADE Acquires ClearStation
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ClearStation allows members to set up stock portfolios and share those with other community members. The site also carries news and has a number of links to educational resources.
Financial terms of the transaction were not disclosed.
E*TRADE will operate ClearStation as a subsidiary and an independent web site. The stock still needs to be approved by E*Trade shareholders. The deal is expected to be finalized later this month.
"Our goal is to become a premier digital financial media company," said Christos M. Cotsakos, E*TRADE Group's chairman and chief executive officer.
"As individual investors increasingly move to investing online, their power has become a new force in today's global financial markets. We view ClearStation, with its high-caliber member base, as another way for E*TRADE to unite this important shared interest group," Cotsakos said.
"Our combination with E*TRADE provides ClearStation with tremendous brand association and the potential to reach a global base of independent investors who turn to E*TRADE and its international affiliates for financial content and services," said Kris Skrinak, Clearstation's president and chief executive officer.