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TD Bank Spends $668Mn to Diversify

December 6, 2012

[ by Melanie Gretchen ]

Toronto-Dominion Bank enterred into an agreement to buy the parent company of Epoch Investment Partners, thereby increasing its asset management operations in the United States.  TD Bank will pay $28 a share for publicly-traded Epoch Holding Corporation, a 28% premium the stock's Wednesday closing price.

Epoch Investment Partner manages some $24 billion in assets, which when brought in-house will bring assets under management at TD's asset management arm to $207 billion. 

Advisers in the Deal.   TD Bank was advised by Barclays and Simpson Thacher & Bartlett;  Epoch was advised by Credit Suisse and Skadden, Arps, Slate, Meagher & Flom, and Greenberg Traurig.   [Dealbook, 12/6/12]