Charles Schwab announced a $660 million acquisition of private‑share marketplace Forge Global, valuing the company at $45 per share in cash—a premium of roughly 72% to 75% over Forge’s last closing price. The transaction is expected to close in the first half of 2026, pending regulatory and shareholder approvals.
The deal positions Schwab to broaden its wealth‑management offering by adding direct access to private companies for its 46 million active brokerage accounts and $11.6 trillion in client assets. By integrating Forge’s technology and client base, Schwab will deepen liquidity, improve transparency, and democratize access to the growing private‑market segment, which is projected to reach $13 trillion by 2032.
Schwab’s financial backdrop shows $10.10 trillion in client assets and 36.5 million active brokerage accounts as of December 31 2024, underscoring the scale of the platform that will now host Forge’s private‑market services. Forge reported $27.6 million in revenue and a net loss of $12.4 million in Q2 2025, and the purchase price represents a 3.57‑times sales multiple, reflecting the strategic value Schwab places on Forge’s market position.
Investors responded positively to the announcement, with the premium and the strategic fit driving enthusiasm. The market reaction highlights confidence that the acquisition will unlock new growth opportunities for Schwab’s retail and advisory clients while positioning the firm ahead of competitors such as Morgan Stanley, which recently agreed to acquire EquityZen.
Rick Wurster, Schwab’s CEO, said the acquisition builds on the firm’s history of innovation and will deepen liquidity and transparency in private markets. Kelly Rodriques, Forge’s CEO, added that the combination will transform how private companies access liquidity and how investors gain exposure to the innovation economy, signaling strong synergy expectations.
The transaction aligns with Schwab’s “Through Clients’ Eyes” strategy and complements recent launches of Schwab Private Issuer Equity Services and Schwab Alternative Investments Select. By adding Forge’s platform, Schwab will offer a one‑stop destination for both public and private investment opportunities, reinforcing its competitive position in the alternative‑investment space.
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