RTTNews | Oct 6, 2020 06:29AM EDT

06:29 Tuesday, October 6, 2020 (RTTNews.com) - TD Bank Group (TD, TD.TO) confirmed Tuesday that upon closing of the acquisition of TD Ameritrade Holding Corp. (AMTD) by Charles Schwab Corp. (SCHW), TD received an approximately 13.5% stake in Schwab, consisting of 9.9% voting common shares and the remainder in non-voting common shares which are convertible into voting common shares upon transfer to a third party.

The Stockholders' Agreement and the revised and extended long-term IDA Agreement between the Bank and Schwab are also now effective.

TD expects to record a revaluation gain of approximately $2.3 billion based on a Schwab share price of $36.94 and the impact of certain adjustments. The transaction is expected to be approximately neutral to capital at closing.

TD has also nominated Brian Levitt, Chair of the Board of TD Bank, and Bharat Masrani, Group President and CEO of TD Bank, to the Schwab Board of Directors.

Read the original article on RTTNews ( https://www.rttnews.com/3134068/td-gets-13-5-stake-in-charles-schwab-following-completion-of-td-ameritrade-transaction.aspx)

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