OTTAWA (dpa-AFX) - The Toronto-Dominion Bank or TD Bank Group (TD.TO, TD), a Canadian lender, said on Tuesday that it has agreed to sell its entire equity investment in The Charles Schwab Corporation (SCHW), a financial service provider. With this, the bank will sell 165.443 million shares through a registered offering at $79.25 per share.
The transaction, to be closed on February 12, is expected to be accretive to TD's earnings per share on a run-rate basis.
Schwab will purchase 19.235 million shares from the bank for a total purchase price of $1.5 billion.
The Group currently holds 184.678 million shares of Schwab, representing 10.1 percent economic ownership.
The transaction will generate net proceeds of around C$20 billion to the lender. TD Bank intends use the net proceeds of C$8 billion for a share buyback program, while the remainder will be invested in the Group's businesses.
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