Deals
TD Ameritrade, TD Bank Said Near $4 Billion Scottrade Deal
- Deal would combine two of the largest online brokerages
- Toronto-Dominion Bank said to acquire banking operations
Why Toronto-Dominion Is Buying Scottrade for $4 Billion
Photographer: Brent Lewin/BloombergThis article is for subscribers only.
TD Ameritrade Holding Corp. and its largest stakeholder, Toronto-Dominion Bank, are close to a deal to buy online brokerage Scottrade Financial Services Inc. for $4 billion, according to people with knowledge of the matter.
TD Ameritrade would acquire Scottrade’s brokerage operations for about $2.7 billion in cash and stock, while Toronto-Dominion would purchase Scottrade’s banking operations for $1.3 billion in cash, the people said, asking not to be identified because the talks aren’t public. The takeover may be announced as soon as Monday before markets open in North America, the people said.