From our colleagues at DealBook:
Toronto-Dominion Bank on Tuesday agreed to buy Chrysler Financial from the private equity firm Cerberus Capital Management for $6.3 billion.
The deal comprises “net assets of $5.9 billion and approximately $400 million in goodwill.”
TD Bank, Toronto-Dominion’s United States subsidiary, will acquire Chrysler Financial in the United States, and Toronto-Dominion will acquire Chrysler Financial in Canada.
“This transaction represents a unique opportunity to purchase a great organic growth platform at an attractive price,” said Ed Clark, chief executive of Toronto-Dominion. “This acquisition will allow us to leverage our lending expertise and financial strength to expand our presence in a large North American market with tremendous potential upside.”
Read more here.
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