Chrysler Financial Sold to TD Bank for $6.3B (TD)

According to Reuters, Toronto Dominion Bank TD has agreed to buy Chrysler Financial from private equity firm Cerberus Capital Management for $6.3 billion, making the Canadian bank a contender of one of North America's top five bank owned auto lenders. TD does not intend to issue common equity in correlation to the $6.3 billion deal. The purchase consisted of 6.35% of goodwill within the assets purchased. "This transaction represents a unique opportunity to purchase a great organic-growth platform at an attractive price," Ed Clark, chief executive of TD, said in a release. TD has made U.S. bank acquisitions in the past few years, such as Commerce Bancorp for $7.7 billion in 2007.