TD Bank to Buy Chrysler Financial for $6.3 Billion
After weeks of speculation, TD Bank Group has inked a deal to buy Chrysler Financial from Cerberus Capital Management. The price tag: $6.3 billion.
As part of the deal, Toronto-based TD Bank will acquire Chrysler Financial’s $7.5 billion North American portfolio, as well as the company’s processes and technology.
TD Bank expects to grow the portfolio to $20 billion by 2013.
The deal, slated to close early next year, will not affect Ally Financial’s arrangement to provide retail and floorplan financing to Chrysler dealers, an Ally spokesman said.
Please login to join discussion
