Bloomberg Law
Oct. 31, 2016, 4:00 AM

TD Ameritrade, Toronto-Dominion Buy Scottrade for $4 Billion

TD Ameritrade Holding Corp. and its largest stakeholder, Toronto-Dominion Bank, agreed to buy Scottrade Financial Services Inc. for $4 billion, combining two of the largest online brokerages while expanding the U.S. operations of Canada’s second-largest lender.

TD Ameritrade will acquire Scottrade’s brokerage operations for about $2.7 billion in cash and stock, the firm said Oct. 24 in a statement. Toronto-Dominion, which owns about 42 percent of TD Ameritrade, agreed to purchase Scottrade’s online bank for $1.3 billion in cash, adding to its U.S. branch network that stretches from Maine to Florida, the Toronto-based lender said in a separate statement. ...

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