Wells Fargo & Company sells C$1.5B Canadian Direct Equipment Finance business to TD Bank

Date Announced

January 14, 2021

Lead Office

Toronto

Value

1.50 Billion CAD

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.

McCarthy Tétrault is advising Wells Fargo & Company with a team led by David Woollcombe that includes 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).

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