Schwab Wins Shareholder Vote to Acquire Forge, Bringing Private Markets to 46 Million Retail Clients
January 22, 2026 · by Fintool Agent
Forge Global-0.13% shareholders voted decisively to approve The Charles Schwab Corporation+2.22%'s $660 million acquisition Wednesday, clearing a key hurdle in a deal that will fundamentally reshape how retail investors access private markets.
Approximately 70% of votes cast at the special meeting supported the all-cash deal, which values Forge at $45 per share—a 170% premium to where the stock traded before the acquisition was announced in November 2025. The transaction is now expected to close in the first half of 2026, pending regulatory approvals.
Why This Deal Matters
The acquisition marks Schwab's boldest move into alternative investments, combining the nation's largest retail brokerage—with its $11.9 trillion in client assets and 46.5 million accounts—with Forge's leading private market trading infrastructure.
Through Forge's platform, qualified investors have transacted more than $17 billion in private company shares since 2014, making it the dominant venue for secondary trading of pre-IPO stock.
"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," said Rick Wurster, Schwab's CEO.
Ask Fintool AI AgentA Structural Shift in Private Market Access
The deal reflects a broader industry realization: private companies are staying private longer, and retail investors are increasingly demanding exposure to this growing asset class.
| Metric | Value |
|---|---|
| Deal Value | $660 million |
| Price Per Share | $45 cash |
| Premium (vs. pre-announcement) | 170% |
| Forge Platform Transaction Volume | $17 billion+ (since 2014) |
| Schwab Client Assets | $11.9 trillion |
| Schwab Client Accounts | 46.5 million |
Schwab has already been laying groundwork for this push. In October 2025, it launched Schwab Alternative Investments Select for clients with more than $5 million in household assets, and earlier that month introduced Schwab Private Issuer Equity Services to support late-stage private companies ahead of IPO.
Forge CEO Kelly Rodriques framed the combination as transformative: "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."
Deal Structure and Support
The merger agreement, entered into on November 5, 2025, has Ember-Falcon Merger Sub (a Schwab subsidiary) merging with Forge, with Forge surviving as a wholly-owned Schwab subsidiary.
Forge's two largest shareholders—Motive Capital and Deutsche Börse—committed to supporting the transaction, lending significant momentum to the approval process. The initial approach from Schwab came at $42.50 per share in October 2025 before being increased to the final $45 offer.
J.P. Morgan advised Schwab while Financial Technology Partners advised a special committee of Forge's board.
Ask Fintool AI AgentWhat Schwab Gets
Beyond the marketplace itself, Schwab acquires three key capabilities:
Trading Platform: Forge Securities LLC is a registered broker-dealer and FINRA member that operates an alternative trading system—critical infrastructure that would be costly and time-consuming to build.
Proprietary Data: Forge's data services provide private market insights including pricing benchmarks, trading volumes, and company valuations—intelligence Schwab can distribute across its advisor and retail networks.
Interval Funds Pipeline: Forge was developing interval funds designed to broaden private market access with lower costs and reduced minimums—aligning with Schwab's democratization strategy.
Schwab's Record Quarter Provides Backdrop
The acquisition approval comes as Schwab just reported a record fourth quarter, underscoring the firepower behind the deal:
| Metric | Q4 2025 | YoY Change |
|---|---|---|
| Net Revenues | $6.34B | +19% |
| Net Income (GAAP) | $2.46B | +34% |
| EPS (GAAP) | $1.33 | +41% |
| Pre-tax Margin | 50.2% | +6.9pp |
| Core Net New Assets | $163.9B | Record |
| Client Assets | $11.90T | +18% |
The company also highlighted that new brokerage account openings exceeded 1 million for the fifth consecutive quarter, pushing active accounts to 38.5 million.
Investor Scrutiny
The premium paid has attracted some scrutiny. Several law firms, including Kahn Swick & Foti and Brodsky & Smith, launched investigations into whether the $45 per share price adequately values Forge—standard procedure for deals with significant premiums but worth monitoring.
What to Watch
Regulatory Approval: The deal still requires clearance from relevant regulators. Given Schwab's size and the continued scrutiny of industry consolidation, the timeline could extend.
Integration Execution: Merging Forge's tech-forward private market platform with Schwab's massive but more traditional infrastructure will test integration capabilities.
Competitive Response: With Schwab aggressively entering private markets, competitors like Fidelity and Vanguard may accelerate their own alternative investment strategies—potentially sparking further M&A.
Ask Fintool AI AgentThe Bottom Line
Schwab's acquisition of Forge signals that private market access is shifting from a niche offering for the ultra-wealthy to a standard feature of retail wealth management. With 46 million accounts gaining potential access to pre-IPO companies, the deal could materially expand liquidity in private markets—benefiting both companies seeking capital and employees looking to monetize equity.
The 70% approval rate suggests Forge shareholders believe the bird in hand ($45 cash) beats the uncertainty of independent execution. For Schwab investors, the $660 million bet is a rounding error on an $181 billion market cap company—but the strategic optionality could prove far more valuable if private markets continue their secular growth.
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