Nisen & Elliott is representing TD Bank Group
December 28, 2010
Nisen & Elliott is representing TD Bank Group in connection with its announced $6.3 billion acquisition of Chrysler Financial from an affiliate of Cerberus Capital Management , L.P. The New York law firm of Simpson Thacher is the lead transaction counsel for TD and Nisen & Elliott is assisting with U.S. automotive finance regulatory matters. Chrysler Financial is an independent financial services company doing business in the United States and Canada, offering retail financing programs in the United States through franchised automotive dealerships of all brands. The acquisition will give TD a platform for asset generation in the North American automotive lending market, enabling it to significantly grow its consumer loan portfolio. Following this transaction, TD expects to be positioned as a top 5 bank-owned auto lender in the North America. The acquisition is expected to close in the second quarter of TD’s 2011 fiscal year, pending regulatory approvals and satisfaction of other customary closing conditions. The Nisen & Elliott team included Kenneth Rojc, David Gemperle , Karoline Andris, Colleen Lambrecht and Cara Schlismann.