TD Bank Sells Remaining Schwab Shares in $14.4 Billion Deal

The Toronto-Dominion Bank (TD Bank) has completed the sale of its shares in The Charles Schwab Corporation (Schwab) in a substantial secondary offering. Totaling $14.4 billion, this transaction included approximately $12.9 billion raised in net proceeds before expenses and a concurrent share repurchase by Schwab valued at $1.5 billion. This divestiture allows TD Bank to fully dispose of the shares it acquired as a result of Schwabs prior acquisition of TD Ameritrade. The legal advisory for TD Bank's sale was provided by Simpson Thacher & Bartlett, with a large team handling M&A, Capital Markets, Derivatives, Tax, and Bank Regulatory aspects. TD Bank is a major player in North American banking and financial services, boasting CDN$2.06 trillion in assets as of October 31, 2024. This transaction is one of the largest follow-on offerings since the financial crisis, showcasing a significant restructuring of TD Bank's position in Schwab.