A&O Shearman advises on TD Bank’s USD14.6 billion exit from Charles Schwab

Through the equity offering and a USD1.5bn repurchase by Charles Schwab of its shares from TD Bank, TD Bank sold its entire 10.1% economic stake in Charles Schwab for a total of USD14.6bn in gross proceeds.

The transaction marked the largest financial services public equity offering of the past five years and one of the largest equity offerings in the United States in a decade.

The deal was led by U.S. capital markets partners Ilir Mujalovic and Harald Halbhuber, and included U.S. capital markets partner Richard Alsop, U.S. capital markets associates Katya Bogdanov, Tianwei Liu, and Hunter Steitle and U.S. capital markets law clerks Jake Schmitz and Jahanvi Pandit. A number of other partners and associates in the U.S. capital markets, FSR, litigation, CEPG and tax practices supported the transaction and provided advice.