The Charles Schwab Corporation said it has entered into an agreement to purchase the assets of USAA’s Investment Management Company, including brokerage and managed portfolio accounts, for $1.8 billion in cash.

The acquisition adds more than one million new accounts and $90 billion in assets to Schwab’s brokerage platform, according to a company release. USAA serves current and former military members and their families.

The Wall Street Journal reported earlier this month that Schwab was in talks to buy the business.

The companies have also agreed to enter into a long-term referral agreement, effective at closing of the acquisition, that would make Schwab the exclusive wealth management and brokerage provider for USAA members.

The deal, subject to customary regulatory approvals and conditions, is expected to close during 2020, at which time, the conversion of USAA’s brokerage services and managed portfolio accounts to Schwab’s platform will occur, the release said.

“This agreement with Schwab can help enhance our members’ financial futures with a client-first approach that offers access to more choices in investment products. We are committed to making this a seamless transition for members and providing opportunities for employees,” Stuart Parker, CEO of USAA, said in a prepared statement.

The release noted that Schwab plans to offer roles to a significant number of USAA employees. It did not specify how many employees would be retained with the deal. A Schwab spokesman did not return a call.

Earlier this month, USAA sold its asset management business to Victory Capital Holdings. The Journal noted that Schwab moved its digital advice services to a subscription-based pricing service in hopes of attracting more wealth management clients.

Founded in 1922, USAA is headquartered in San Antonio, Texas. The family of companies provides insurance, banking, investments, retirement products and advice to more than 13 million current and former members of the U.S. military and their families.