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TD Ameritrade, TD Bank Near $4Bn Scottrade Deal
TD Ameritrade and its largest stakeholder, Toronto-Dominion Bank, are closer than ever to buying online brokerage Scottrade Financial Services - for a price of $4 billion. TD Ameritrade would get Scottrade’s brokerage operations for about $2.7Bn in cash and stock; Toronto-Dominion would get Scottrade’s banking operations for $1.3Bn in cash. The takeover may be announced as soon as Monday.
The transaction would combine 2 of the largest online brokerages, an industry under pressure from lower trading volumes and sluggish revenue growth.
Toronto-Dominion Bank owns more than 42 percent of TD Ameritrade, qualifying it as a non-bank subsidiary of the Canadian lender under U.S. banking regulations.
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