TD Ameritrade Holding said on Monday it and Toronto-Dominion Bank TD 0.38% would buy privately held Scottrade Financial Services in a deal valued at $4 billion, combining two of the biggest U.S. discount brokerages.
TD Ameritrade AMTD 1.20% , the biggest U.S. discount brokerage by trade executions, said it would end up paying $2.7 billion for Scottrade’s brokerage business after the sale of Scottrade Bank to Toronto-Dominion Bank’s U.S. banking unit for $1.3 billion.
