October 24, 2016
TD Ameritrade Holding Corp. entered into a $4 billion acquisition agreement with St. Louis-headquartered Scottrade Financial Services Inc. Upon closing, the deal will combine two of the largest online brokerages, and will expand the U.S. operations of Canada’s largest lender, Toronto-Dominion Bank. The transaction is anticipated to close by the end of 2017.
Omaha, NE-based TD Ameritrade will buy Scottrade’s brokerage operations for approximately $2.7 billion in cash and stock. Meanwhile, Toronto-Dominion Bank (TD Amertrade’s largest stakeholder) will purchase Scottrade’s banking operations for $1.3 billion.
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