Transaction|August 15, 2011
TD Bank Group to acquire MBNA Canada's credit card business
Torys acted as counsel to TD Bank Group with a team that included Richard Willoughby, Thomas Yeo, Dan Logan, Michael Feldman, Blair Keefe, Conor McCourt, Wendy Matheson, Mitch Frazer, Jay Holsten, Jim Hong, Eli Monas, Andrew Wong, Saira Bhojani, Ebad Rahman, Huw Evans, Peter Aziz, Paulina Taneva, Sabrina Gherbaz, Reesha Hosein, Michael Fortier, Yinka Olusoga and Leila Ross.
On August 15, 2011, TD Bank Group (TD) (TSX; NYSE: TD) and Bank of America Corporation (NYSE: BAC) announced a definitive agreement under which TD will purchase MBNA Canada's credit card portfolio, as well as certain other assets and liabilities. TD will pay a premium on an expected C$8.5 billion of credit card receivables upon closing.
MBNA Canada is the country's largest Mastercard issuer. This acquisition will significantly build on TD's existing Canadian credit card business, which has successfully grown to approximately 4 million active accounts. With this transaction, TD will add 1.8 million active accounts to its base.
Further information is found on the websites of The Globe and Mail, and PR Newswire.