(May 3 – 10:10 ET) – TD Waterhouse Group Inc. is buying British discounter Dealwise Ltd. for £82.1 million, making it the largest discounter in the U.K.
“Becoming the number one discount broker in the U.K. market is an exciting and gratifying development for us and this acquisition is evidence of our commitment to our key strategy of global expansion,” said Stephen McDonald, CEO of TD Waterhouse Group.
With this purchase Waterhouse is finished with deals in the U.K., where it will concentrate on integrating the new firm with its existing operations. It will now look to Europe for new deals.
“We will continue to seek acquisition candidates in global markets which we believe are underserved from a service and technology standpoint and will use these acquisitions as a cost-effective means of acquiring new accounts and achieving market leadership,”said McDonald.
The deal is still subject to regulatory approval and is expected to close in the next few weeks.
-IE Staff