Morgan Stanley has entered into a definitive agreement to purchase E-Trade, the popular electronic trading platform.

The deal is an all-stock transaction, valued at roughly $13 billion, making it the largest such deal since the 2008 financial crisis. The acquisition will help Morgan Stanley’s diversification efforts, bringing in 5.2 million customers and $360 billion in assets.

““E*TRADE represents an extraordinary growth opportunity for our Wealth Management business and a leap forward in our Wealth Management strategy. The combination adds an iconic brand in the direct-to-consumer channel to our leading advisor-driven model, while also creating a premier Workplace Wealth provider for corporations and their employees. E*TRADE’s products, innovation in technology, and established brand will help position Morgan Stanley as a top player across all three channels: Financial Advisory, Self-Directed, and Workplace,” said James Gorman, Chairman and CEO of Morgan Stanley. “In addition, this continues the decade-long transition of our Firm to a more balance sheet light business mix, emphasizing more durable sources of revenue.”

The deal is subject to regulatory approval and approval by E-Trade shareholders. Should everything go as planned, it is expected to close in the fourth quarter of 2020.