TD Bank Will Pay $6.3 Billion for Chrysler Financial

Toronto-Dominion Bank will pay $6.3 billion to buy Chrysler Financial from private equity firm Cerberus Capital Management, Reuters reported. TD said the purchase is comprised of net assets of $5.9 billion and about $400 million in goodwill, Reuters wrote.

(Reuters) – Toronto-Dominion Bank has agreed to buy Chrysler Financial from private equity firm Cerberus Capital Management for $6.3 billion, the companies said Tuesday.

TD, Canada’s No. 2 bank, said the purchase is comprised of net assets of $5.9 billion and about $400 million in goodwill.

TD said it does not intend to issue common equity in connection with the deal.

($1=$1.02 Canadian) (Reporting by John McCrank; Editing by Frank McGurty)