The Charles Schwab Corporation (NYSE:SCHW) entered into a definitive agreement to acquire certain assets of USAA Investment Management Company for $1.8 billion on July 25, 2019. The consideration will be paid in cash. The assets acquired include brokerage and managed portfolio accounts. The transaction will be funded with available cash of United Services Automobile Association, parent of USAA. The Charles Schwab Corporation plans to hire about 400 USAA employees. The transaction is subject to customary regulatory approvals and conditions. The transaction has been approved by the Boards of Directors of both The Charles Schwab Corporation and United Services Automobile Association. As of September 10, 2019 transaction has received the early termination notice by federal trade commission. The transaction is expected to close during 2020. As of October 15, 2019, the transaction is expected to close in the middle of next year. The Charles Schwab Corporation expects the transaction to be modestly accretive to earnings per share (EPS) on a cash basis by year one and on a GAAP basis by year two. Credit Suisse Securities (USA) LLC acted as financial advisor and William L. Taylor, Lee Hochbaum, Gregory S. Rowland, Jeffrey P. Crandall, Randall D. Guynn, Christopher M. Paridon, Zachary J. Zweihorn, and David H. Schnabel of Davis Polk & Wardwell LLP acted as legal advisors to The Charles Schwab Corporation. Goldman Sachs & Co. LLC acted as financial advisor and Jonathan Corsico, David Blass, David Rubinsky, Jonathan Goldstein, Adam J. Cohen, Marcela Robledo, and Keith Noreika of Simpson Thacher & Bartlett LLP acted as legal advisors to United Services Automobile Association. Alston & Bird LLP is advising Credit Suisse Securities as financial advisor to The Charles Schwab Corporation, in connection with its $1.8 billion cash acquisition by USAA Investment Management Company. The Charles Schwab Corporation (NYSE:SCHW) completed the acquisition of certain assets of USAA Investment Management Company on May 26, 2020.