TD Bank to Acquire Greystone

July 16, 2018

On July 10, 2018, TD Bank announced an agreement to acquire Greystone Capital Management Inc.


Under the terms of the agreement, the Toronto-Dominion Bank Group (“TD Bank”) will acquire Greystone Capital Management Inc. (“Greystone”) for a net price of $792 million, comprised of $730 million in enterprise value, and approximately $105 million in seed capital. Greystone shareholders are set to receive 30% of the net purchase price in TD Bank common shares with the remaining 70% in cash consideration. Following completion of the transaction, Greystone will continue to operate out of Regina, Saskatchewan under the name TD Greystone Asset Management.  The transaction is expected to close in the second half of 2018, subject to customary closing conditions and regulatory approvals.  Barclays acted as financial advisor to Greystone in this transaction.

TD Bank (NYSE:TD) is a Canadian based bank.  TD Bank has approximately $1.3 trillion in assets under management as of April 30, 2018.

Greystone is a Regina, Canada based institutional investment manager with a focus on fixed income, Canadian equities, U.S. equities, international equities, real estate, mortgages and infrastructure.  Greystone has approximately C$36 billion in assets under management as of June 30, 2018.

To read the press release: please click here.

 

 


Categories

Investment Manager M&A, Transactions