Charles Schwab acquires Forge Global

Charles Schwab Corporation (SCHW) announced on Nov. 6, 2025, that it will acquire Forge Global Holdings, Inc. (FRGE) to expand access to pre-IPO and private-market investments for affluent and registered investment adviser (RIA) clients. The deal aims to broaden Schwab’s private-market capabilities.

Deal Terms, Scale, and Approvals

Schwab will pay $660 million in cash to acquire all outstanding Forge common stock at $45 per share. Certain Forge equity awards will convert into Schwab equity awards, making the transaction fully cash-based, according to the investor presentation. The deal requires customary regulatory review and Forge shareholder approval and is expected to close in the first half of 2026.

As of Sept. 30, 2025, Forge operated a private-market trading platform with more than $18 billion in private assets under custody, over 3 million unique users, listings for 625 private companies, and cumulative transaction volume of about $17 billion. On the same date, Schwab reported total client assets of $8.6 trillion, including $5.4 trillion in retail client assets and $5.0 trillion in advisor services client assets.

The company issued a press release and investor presentation on Nov. 6, 2025. The Wall Street Journal reported the deal later that morning, followed by CEO Rick Wurster’s discussion on CNBC. Morningstar and other outlets confirmed the terms. The materials do not specify which regulatory agencies must approve the transaction, nor do they disclose any termination fees or a timetable for the Forge shareholder vote.

Strategic Outlook and Client Rollout

Schwab plans to use the acquisition to expand its private-market offerings initially for ultra-high-net-worth (UHNW) clients and RIAs, diversify its revenue mix, and leverage Forge’s technology-enabled marketplace and issuer network. The investor presentation outlines an initial rollout to select UHNW clients, followed by expansion to retail clients with $1 million or more in assets, RIA clients, and Stock Plan Services in the near to medium term. Broader retail access and additional proprietary solutions are expected later.

Management does not anticipate a material impact on near-term financial results but projects meaningful revenue growth as private-market utilization increases. The company expects revenue synergies and modest expense savings but acknowledges unquantified risks related to integration and client adoption. The presentation states, “We expect to expand private market capabilities to all qualified Schwab Retail, RIA, and Stock Plan Services clients over time.”

Investors and advisers will monitor whether Schwab can translate Forge’s private-market technology and issuer relationships into broader retail access and sustained client engagement.