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Sept. 19, 2006 / 1:23 PM

INVESTools buys thinkorswim for $340M

CHICAGO, Sept. 19 (UPI) -- INVESTools Inc., an investor education company, is buying thinkorswim Group Inc., a Chicago online brokerage platform, for $340 million.

Shareholders of thinkorswim will receive 50 percent of the purchase price in cash and 50 percent in stock, representing or some 19.1 million INVESTools common shares.

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INVESTools is borrowing $125 million to fund a portion of the cash transaction and will also arrange for an unfunded committed senior secured revolving credit facility of $25 million, the company said Tuesday.

Following the transaction, thinkorswim shareholders will have a 30-percent ownership stake in INVESTools and thinkorswim will receive two seats on an expanded eight-member INVESTools' board.

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