PRESS RELEASE
21 February 2025

A&O Shearman Advises On TD Bank’s USD14.6 Billion Exit From Charles Schwab

AO
A&O Shearman

Contributor

A&O Shearman was formed in 2024 via the merger of two historic firms, Allen & Overy and Shearman & Sterling. With nearly 4,000 lawyers globally, we are equally fluent in English law, U.S. law and the laws of the world’s most dynamic markets. This combination creates a new kind of law firm, one built to achieve unparalleled outcomes for our clients on their most complex, multijurisdictional matters – everywhere in the world. A firm that advises at the forefront of the forces changing the current of global business and that is unrivalled in its global strength. Our clients benefit from the collective experience of teams who work with many of the world’s most influential companies and institutions, and have a history of precedent-setting innovations. Together our lawyers advise more than a third of NYSE-listed businesses, a fifth of the NASDAQ and a notable proportion of the London Stock Exchange, the Euronext, Euronext Paris and the Tokyo and Hong Kong Stock Exchanges.
A&O Shearman advised the underwriters, led by TD Securities and Goldman Sachs, in connection with a USD13.1bn secondary registered...
United States

A&O Shearman advised the underwriters, led by TD Securities and Goldman Sachs, in connection with a USD13.1bn secondary registered offering of shares of the Charles Schwab Corporation by the Toronto-Dominion Bank.

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.

Contributor

A&O Shearman was formed in 2024 via the merger of two historic firms, Allen & Overy and Shearman & Sterling. With nearly 4,000 lawyers globally, we are equally fluent in English law, U.S. law and the laws of the world’s most dynamic markets. This combination creates a new kind of law firm, one built to achieve unparalleled outcomes for our clients on their most complex, multijurisdictional matters – everywhere in the world. A firm that advises at the forefront of the forces changing the current of global business and that is unrivalled in its global strength. Our clients benefit from the collective experience of teams who work with many of the world’s most influential companies and institutions, and have a history of precedent-setting innovations. Together our lawyers advise more than a third of NYSE-listed businesses, a fifth of the NASDAQ and a notable proportion of the London Stock Exchange, the Euronext, Euronext Paris and the Tokyo and Hong Kong Stock Exchanges.

Mondaq uses cookies on this website. By using our website you agree to our use of cookies as set out in our Privacy Policy.

Learn More