TD Bank to acquire Wells Fargo's Canadian direct equipment finance business

Toronto-Dominion Bank agreed to acquire Wells Fargo & Co.'s Canadian direct equipment finance business.

Based in Ontario, Wells Fargo's Canadian direct equipment finance business has approximately C$1.5 billion in assets and more than 120 employees.

The acquisition is expected to close in the first half. Financial terms of the deal were not disclosed.

TD Securities served as financial adviser and Osler Hoskin & Harcourt LLP served as legal counsel to TD Bank. Wells Fargo Securities LLC served as exclusive financial adviser and McCarthy Tetrault LLP served as legal counsel to Wells Fargo in connection with this transaction.