TD Ameritrade buys rival Scottrade for $4 billion

TD Ameritrade, along with its largest stakeholder Toronto-Dominion Bank, has agreed to buy Scottrade Financial Services Inc. for $4 billion. TD Ameritrade acquires Scottrade's brokerage operations for about $2.7 billion, while Toronto-Dominion picks up Scottrade’s online bank for $1.3 billion. The deal is expected to be finalized by Sept. 30, 2017. This combination will allow us to leverage our strengths, increase our scale and further accelerate our asset gathering capabilities,” TD Ameritrade Chief Executive Officer Tim Hockey said in the statement.