TD Bank - M&A Summary and Business Overview

Financial ServicesCompany

TD Bank M&A Summary

TD Bank has acquired 10 companies, including 4 in the last 5 years. A total of 1 acquisition came from private equity firms. It has also divested 1 asset.

TD Bank’s largest acquisition to date was in 2007, when it acquired Commerce Bancorp for $8.5B. It’s largest disclosed sale occurred in 2005, when it sold TD Waterhouse USA to TD Ameritrade Holding for $2.9B. TD Bank has acquired in 7 different US states, and 2 countries. The Company’s most targeted sectors include financial services (90%) and information technology (10%).

TD Bank Business Overview

Where is TD Bank headquartered?

TD Bank is headquartered in Toronto, Ontario.

What is TD Bank’s revenue?

TD Bank disclosed revenue of 52,929M CAD for 2023 and 45,762M CAD for 2022.

How many employees does TD Bank have?

TD Bank has 102,853 employees.

What sector is TD Bank in?

TD Bank is a financial services company.

When was TD Bank founded?

TD Bank was founded in 1855.

M&A Summary

  • M&A Total Activity11
    • M&A Buy Activity10
    • M&A Sell Activity1
  • Total Sectors Invested 2
  • Total Countries Invested 2
  • M&A Buy/Sell Connections 4
  • M&A Advisors 8

TD Bank

The Toronto-Dominion Bank

Toronto-Dominion Centre King Street West and Bay Street,
Toronto, Ontario M5K 1A2
Canada,
(416) 308-6963
www.td.com

TD Bank and its subsidiaries are collectively known as TD Bank Group (TD or the Bank). TD is a large bank North American bank serving customers in four key businesses operating in a number of locations in key financial centres around the globe: Canadian Personal and Commercial Banking, including TD Canada Trust and TD Insurance; Wealth Management, including TD Waterhouse and an investment in TD Ameritrade; U.S. Personal and Commercial Banking, including TD Bank, America's Most Convenient Bank; and Wholesale Banking, including TD Securities. TD Bank was incorporated in 1855 and is based in Toronto, Canada.


M&A Summary

Buy vs Sell

Year ≤ '19 '20 '21 '22 '23 '24 T
Buy (0.8/yr) # 6 - 2 2 - - 10
vol $14.9B $2.6B $17.5B
Sell (0.0/yr) # 1 - - - - - 1
vol $2.9B $2.9B
  11

Most Recent M&A

Company Date Value Type
Cowen, Inc. 2022-08-02 1.3B USD Add-on Acquisition
New York, New York · www.cowen.com
First Horizon National Corp. 2022-02-28 1.3B USD Add-on Acquisition
Memphis, Tennessee · www.firsthorizon.com
Headlands Technologies LLC 2021-03-24 - Add-on Acquisition
Chicago, Illinois · www.headlandstech.com
Wells Fargo's Canadian Direct Equipment Finance Business 2021-01-14 - Divestiture
Mississauga, Ontario
Layer 6, Inc. 2018-01-09 - Add-on Acquisition
Toronto, Ontario · www.layer6.ai
Nordstrom - Credit Card Receivables Portfolio 2015-05-26 - Divestiture
, United States
TD Auto Finance LLC 2010-12-21 6.3B USD Add-on Acquisition
Farmington Hills, Michigan · www.tdautofinance.com
The South Financial Group 2010-05-17 61M USD Add-on Acquisition
Greenville, South Carolina
Commerce Bancorp Inc. 2007-10-02 8.5B USD Add-on Acquisition
Cherry Hill, New Jersey
TD Waterhouse USA 2005-06-22 2.9B USD Divestiture
, United States
View All >>

Business Unit M&A

Company Acquired Add-On/Sale Date #
First Horizon National Corp. 2022-02-28 Lenders Title Group 2022-08-16 1
Memphis, Tennessee · www.firsthorizon.com Greenbrier, Arkansas · www.lenderstitlegroup.com
TD Banknorth, Inc.    - TD Insurance, Inc. 2012-08-22 2
Cherry Hill, New Jersey · www.tdbank.com Portland, Maine
TD Banknorth, Inc.    - Flatiron Credit Company, Inc. 2008-05-01 1
Cherry Hill, New Jersey · www.tdbank.com Denver, Colorado

M&A by Sector

Sector Buy # Value Sell # Value
Financial Services 9 (90%) 17.5B (100%) 1 (100%) 2.9B (100%)
Information Technology 1 (10%) - - -
Total 10 $17.5B 1 $2.9B

By Geo

State/Country Buy Value Sell Value
United States 8 17.5B 1 2.9B
  New Jersey 2 8.5B - -
  Tennessee 1 1.3B - -
  South Carolina 1 61M - -
  New York 1 1.3B - -
  Michigan 1 6.3B - -
  Illinois 1 - - -
Canada 2 - - -
  Ontario 2 - - -
Domestic 2 (20%) - - -
Cross-border 8 (80%) 17.5B (100%) 1 (100%) 2.9B (100%)
Total 10 $17.5B 1 $2.9B

Top M&A Advisors

Financial Deals
TD Securities
4
J.P. Morgan Securities
2
Keefe, Bruyette, & Woods, Inc.
1
Legal Deals
Simpson Thacher & Bartlett
4
Torys LLP
1
Osler
1

Deal Values

buy # Total
> $1B 4 $17.4B
< $100M 1 $61M
TOTAL $17.5B
Largest Commerce Bancorp Inc.
$8.5B (2007-10-02)
sell # Total
> $1B 1 $2.9B
TOTAL $2.9B
Largest TD Waterhouse USA
$2.9B (2005-06-22)

M&A Connections

Deals
Acquired from
Investor(s)
10%
1 (10%)
Strategic(s)
20%
2 (20%)
Divested to
Strategic(s)
100%
1 (100%)

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