--- title: TD Ameritrade to Buy Scottrade in Two-Step Deal with TD Bank description: TD Ameritrade to Buy Scottrade in Two-Step Deal with TD Bank --- ![websites-group](https://articles.marketsmedia.com/hubfs/raw_assets/public/MarketsMedia_August2021/images/new-MMG-01.svg) [![](https://articles.marketsmedia.com/hubfs/raw_assets/public/MarketsMedia_August2021/images/dropdown-new-marketsmedia-logo.svg)](https://www.marketsmedia.com/) [![](https://articles.marketsmedia.com/hubfs/raw_assets/public/MarketsMedia_August2021/images/dropdown-menu-traders-redlogo.svg)](https://www.tradersmagazine.com/) [![](https://articles.marketsmedia.com/hubfs/raw_assets/public/MarketsMedia_August2021/images/dropdown-menu-bestexe-logo.svg)](https://www.bestexecution.net/) [![](https://articles.marketsmedia.com/hubfs/raw_assets/public/MarketsMedia_August2021/images/dropdown-menu-fidesk-logo.svg)](https://www.fixglobal.com/) [![](https://articles.marketsmedia.com/hubfs/raw_assets/public/MarketsMedia_August2021/images/dropdown-fixglobal-new-logo.svg)](https://www.fixglobal.com/) - [*Facebook*](https://www.facebook.com/MarketsMedia/) - [*Twitter*](https://twitter.com/marketsmedia) - [*Linkedin*](https://www.linkedin.com/company/markets-media-llc) - [Newsletter](https://articles.marketsmedia.com/td-ameritrade-buy-scottrade-two-step-deal-td-bank#popup-newsletter) #### Want the latest news on securities markets -- FREE? 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TD Ameritrade, the largest U.S. discount brokerage by trade executions, said it would pay $2.7 billion for Scottrade’s brokerage business. Toronto-Dominion Bank, TD’s largest shareholder, is acquiring Scottrade Bank for $1.3 billion. Discount brokerages are facing weak trading volumes and slow revenue growth as wealth managers cut fees amid intense competition, sparking consolidation within the industry. E\*Trade Financial Corp ([ETFC.O](http://www.reuters.com/finance/stocks/overview?symbol=ETFC.O)), another discount broker, said in July that it would buy online brokerage OptionsHouse for $725 million. The $2.7 billion comprises $1 billion in new common TD Ameritrade shares and $1.7 billion in cash. Rodger Riney, the founder, chief executive officer and controlling shareholder of St. Louis-based Scottrade, will join TD Ameritrade’s board after the deal closes, the companies said. Riney said last year he was being treated for a form of blood cancer. TD Ameritrade, which is 42 percent owned by Toronto Dominion Bank, said it expected the deal to bring about $450 million in annual savings and more than $300 million in “additional longer-term opportunities.” Omaha, Nebraska-based TD Ameritrade, which also reported a higher-than-expected quarterly profit on Monday, provides services to about 6 million client accounts with combined assets of more than $600 billion. The companies expect the deal to close by Sept. 30. Barclays Capital Inc ([BARC.L](http://www.reuters.com/finance/stocks/overview?symbol=BARC.L)) is financial adviser to TD Ameritrade, while Wachtell, Lipton, Rosen & Katz is legal adviser. Goldman Sachs & Co ([GS.N](http://www.reuters.com/finance/stocks/overview?symbol=GS.N)) is advising Scottrade, with Sullivan & Cromwell acting as legal adviser. TD Ameritrade’s shares, which had risen 6.8 percent in the year, were nearly unchanged in premarket trading.   [Share](https://www.facebook.com/share.php?u=https://articles.marketsmedia.com/td-ameritrade-buy-scottrade-two-step-deal-td-bank) [Tweet](https://twitter.com/intent/tweet?text=US+ETFs+Have+Record+Net+Inflows&url=https://articles.marketsmedia.com/td-ameritrade-buy-scottrade-two-step-deal-td-bank) [Share](https://www.linkedin.com/cws/share?url=https://articles.marketsmedia.com/td-ameritrade-buy-scottrade-two-step-deal-td-bank) ![email](https://articles.marketsmedia.com/hubfs/Markets%20Media/email.svg) ### NEWSLETTER SIGN UP And receive exclusive articles on securities markets ### Related articles 1. 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