A banner is displayed for Forge Global Holdings Inc. to celebrate the company’s listing at the New York Stock Exchange (NYSE) in New York City, U.S., March 22, 2022.
Brendan Mcdermid | Reuters
Financial services giant Charles Schwab said on Thursday it has agreed to buy Forge Global, a platform for trading shares of pre-IPO companies, in a deal valued at $660 million.
Major financial institutions are expanding services that give clients access to private companies and liquidity in pre-IPO shares, seeking to tap rising investor demand for early exposure to fast-growing startups.
The per-share value of $45 represents a premium of roughly 72% over the stock’s last closing price. Shares of Forge Global surged 64% in premarket trading on the news.
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