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TD Ameritrade agrees to buy Scottrade Financial for $4 billion

Oct 26, 2016 - The Deal Pipeline

Online broker TD Ameritrade Holdings Corp. (AMTD) and its leading shareholder Toronto-Dominion Bank (TD) have reached a complex agreement to buy Scottrade Financial Services Inc. for $4 billion and split it between themselves. 

According to the terms of the deal, TD Bank will pay $1.3 billion for Scottrade Bank, which is equivalent to its tangible book value. TD Ameritrade will acquire the rest of Scottrade Financial Services for a net $2.7 billion, of which $1 bil...