The Charles Schwab Corporation has announced that it will acquire Forge Global Holdings in a transaction valued at approximately $660 million. The move marks a significant step by a large brokerage into the private-shares marketplace and reflects broader industry interest in alternative investment access.
Deal Terms
Under the agreement, Schwab will acquire all of Forge’s issued and outstanding common shares for $45 in cash per share. The deal values Forge at roughly $660 million. The per-share price represents a premium of around 72% over Forge’s most recent closing price.
Both companies’ boards have unanimously approved the transaction. The deal is expected to close in the first half of 2026, subject to regulatory and shareholder approvals.
Strategic Rationale
Forge operates a marketplace that allows qualified investors to buy and sell shares in private companies. According to its own filings, the platform has facilitated more than $17 billion in private-company share trades since inception. Schwab brings an existing base of around 46 million accounts and approximately $11.6 trillion in client assets under management.
By combining Schwab’s reach with Forge’s marketplace, the combined entity aims to provide broader access to investor segments and expand liquidity options in private markets.
The acquisition builds on Schwab’s recent pushes into alternative investments and private-market capabilities. For example, Schwab recently launched a platform targeted at clients with more than $5 million in household assets, offering access to private equity and hedge-fund type investments.
In broader context, the number of companies staying private for longer has grown, creating increased demand for private-market exposure by investors. Analysts have noted that start-ups such as OpenAI and SpaceX maintain valuations rivaling public companies.
The acquisition fits in a wider trend of financial-services firms acquiring or investing in platforms that focus on private-share liquidity. Retail and advisor clients are increasingly seeking access to non-public companies, and brokerages are adapting to meet those demands.
Market & Competitive Implications
The deal also signals a competitive push in the private-shares arena. For instance, Morgan Stanley recently acquired a rival platform, EquityZen, underscoring the consolidation underway in this niche. For private-company founders and employees, the combined Schwab-Forge platform may provide more liquidity choices and better access to investor channels outside the public-markets route.
From an investor perspective, offering access to private-company shares via a large brokerage may help reduce barriers, though the risks remain higher than public equities in terms of liquidity, transparency, and regulation. Integration of the platforms will present operational and regulatory challenges, including how to bring retail-investor clients into private-market products safely.
Conclusion
Looking ahead, several factors will define how the acquisition plays out. First, Schwab must close the transaction in the first half of 2026 and satisfy regulatory and shareholder requirements.
Next, the integration of Forge’s platform into Schwab’s distribution network will be key in determining how quickly private-market access is rolled out to a broader client base beyond ultra-high-net-worth individuals.
Metrics to watch include how many Schwab clients adopt the new private-market offering, how many private companies participate via the platform, and how Schwab manages risk and compliance in this less-regulated investment space.
Additionally, the broader impact on the public markets may be notable if more capital flows into private companies earlier, potentially reducing the number of IPOs and shifting investment patterns.
All in all, the acquisition of Forge by Schwab highlights how large brokerages are adapting to meet rising investor interest in private-market access. It also underscores how private-company liquidity is becoming a strategic frontier for financial-services firms.
The deal’s success will depend on integration execution, risk-management, and the ability to deliver meaningful new choices to investors.
