TD Bank’s C$1.5 Billion Acquisition of Canadian Direct Equipment Finance from Wells Fargo

McCarthy Tétrault represented Wells Fargo & Company.

On January 14, 2021, Wells Fargo & Company (Wells Fargo) and Toronto-Dominion Bank (TD) announced a definitive agreement for TD to acquire Wells Fargo’s Canadian Direct Equipment Finance business, for an undisclosed consideration. 

Headquartered in Mississauga, with regional offices across Canada, Wells Fargo’s Canadian Direct Equipment Finance business has a longstanding history that includes the acquisition by Wells Fargo of GE Capital’s Canadian Equipment Finance business in 2016. With approximately CAD 1.5 billion in assets and 120+ employees, Wells Fargo’s Canadian Direct Equipment Finance business provides loans and leases covering a full range of commercial equipment for businesses across Canada.

The McCarthy Tétrault assisted Wells Fargo & Company with a team led by David Woollcombe (Picture) and including Robert Hansen, Mariko Rivers, Matthew Sanders (M&A), Oliver Borgers (Competition), Gabrielle Richards and Kabir Jamal (Tax), Barry Ryan, Ana Badour and Richard Higa (Financial Services), Michael Scherman (Technology), Vincent Yip (Intellectual Property) and Kelleher Lynch and Ben Aberant (Employment and Benefits).

Involved fees earner: Benjamin Aberant – McCarthy Tétrault; Ana Badour – McCarthy Tétrault; Oliver Borgers – McCarthy Tétrault; Robert Hansen – McCarthy Tétrault; Richard Higa – McCarthy Tétrault; Kabir Jamal – McCarthy Tétrault; Kelleher Lynch – McCarthy Tétrault; Gabrielle Richards – McCarthy Tétrault; Mariko Rivers – McCarthy Tétrault; Barry Ryan – McCarthy Tétrault; Matthew Sanders – McCarthy Tétrault; Michael Scherman – McCarthy Tétrault; David Woollcombe – McCarthy Tétrault; Vincent Yip – McCarthy Tétrault;

Law Firms: McCarthy Tétrault;

Clients: Wells Fargo;

Author: Martina Bellini