US-based financial services company Charles Schwab has signed an agreement to acquire Forge Global Holdings in a transaction worth around $660m.
Under the agreement, Schwab will buy all issued and outstanding common shares of Forge for $45 per share in cash.
The deal has been unanimously approved by the boards of directors of both companies, which is expected to close in the first half of 2026.
Its closing is subject to certain customary closing conditions, including shareholder and regulatory approvals.
Forge’s largest shareholders, Motive Capital and Deutsche Börse, have committed to support the transaction.
Charles Schwab president and CEO Rick Wurster said: “Our acquisition of Forge builds on more than half a century of Schwab innovating on behalf of individual investors, advisors and employers.
“Through Forge’s leading marketplace, we’re uniquely positioned to deepen liquidity, improve transparency, and further democratize access to this increasingly important source of wealth creation for investors.
“Schwab’s entry into this space also gives private‑share issuers more choice and liquidity for founders, employees, and early backers.”
Forge operates a private market platform that has facilitated more than $17bn in private company share transactions.
The company enables qualified investors to access a range of direct and indirect investment opportunities in the private markets.
It also offers private company solutions and proprietary data, aiming to expand access and transparency for investors.
Forge plans to introduce interval funds intended to provide broader access to private market investments with reduced costs and lower investment minimums.
Forge CEO Kelly Rodriques said: “This combination will transform how the private market works.
With Schwab’s reach and Forge’s solutions, private companies will gain access to liquidity and new growth options from an expanded market of qualified retail investors, while investors will gain new ways to invest in the innovation economy.
“Together, we’re making the private markets work better for everyone.”
Charles Schwab said the acquisition will advance its strategy to deliver private market capabilities to retail and adviser clients.
The company recently introduced Schwab Alternative Investments Select, a platform offering alternative investments to clients with more than $5m in household assets.
Schwab expects to build on Forge’s experience in providing capital and liquidity solutions for private companies.
J.P. Morgan Securities served as financial advisers and Wachtell, Lipton, Rosen & Katz as legal advisers to Schwab on the transaction.
Sullivan & Cromwell served as legal adviser to Forge, while Financial Technology Partners and Morris, Nichols, Arsht & Tunnell served as advisors to Forge’s special committee.
Wurster added: “Access to Schwab’s 46 million client accounts and $11.6tn in client assets creates a strong distribution platform for private securities.
“With the pool of private companies growing and remaining private for longer, a leading platform for individual investors to participate in private markets offers durable, strategic value.
“We expect meaningful growth in this space and believe our platform will become a go-to venue where retail investors discover new investment opportunities.”
