Simpson Thacher represented The Toronto-Dominion Bank (“TD Bank”), as selling stockholder, in connection with a secondary offering of common stock of The Charles Schwab Corporation (“Schwab”) and concurrent share repurchase by Schwab. The offering raised approximately $12.9 billion in net proceeds, before expenses, and the share repurchase was for a total purchase price of $1.5 billion. As a result, TD Bank has disposed of all its shares in Schwab, which were acquired in connection with Schwab’s acquisition of TD Ameritrade. The sale was one of the largest follow-on offerings since the financial crisis.
TD Bank is the sixth largest bank in North America by assets and serves over 27.9 million customers. TD Bank also ranks among the world's leading online financial services firms, with more than 17 million active online and mobile customers. TD Bank had CDN$2.06 trillion in assets on October 31, 2024.
The Simpson Thacher team included Lee Meyerson, Ravi Purushotham, Theresa Scharff and Wells Hamilton (M&A); William Golden, Evan Hunt and Amy Donofrio (Capital Markets); Jonathan Lindabury and Nathan Utterback (Derivatives); Benjamin Rippeon and William Smolinski (Tax); and Spencer Sloan and Collin Janus (Bank Regulatory).