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Wednesday, January 9, 2013

TD Bank gets U.S. antitrust approval to purchase Epoch Investments, (NYSE: TD)

Toronto-Dominion Bank has won U.S. antitrust approval to purchase Epoch Investments, the Federal Trade Commission said on Wednesday, as it seeks to expand its already sizeable U.S. presence. TD announced the $668 million agreement to buy the U.S. asset manager in December as it released fiscal fourth-quarter results.The FTC put the transaction on a list of approved deals that it issues several times a week. The deals are usually not controversial.TD is Canada's No. 2 bank and runs a U.S. network of 1,300 branches as well. The acquisition of Epoch will add $24 billion in assets under management to the $207 billion already overseen by TD Asset Management.The deal is among several small acquisitions by TD since the 2008 financial crisis.

The Toronto-Dominion Bank is a Canada-based bank. Shares of TD fell by 0.26% or $-0.22/share to $83.54. In the past year, the shares have traded as low as $72.63 and as high as $86.56. On average, 466693 shares of TD exchange hands on a given day and today's volume is recorded at 175353.