The Toronto-Dominion Bank ("TD") (TSX: TD) (NYSE: TD) and Headlands Tech Holdings, LLC ("Headlands Tech") today announced a definitive agreement, subject to certain closing conditions, for TD to acquire Headlands Tech Global Markets, LLC, a Chicago-based quantitative fixed income trading company.

"This acquisition further strengthens our electronic bond trading infrastructure and underscores our commitment to delivering data-driven innovation and growing our global platform," said Bob Dorrance, Chairman, Chief Executive Officer and President, TD Securities. "Headlands Tech Global Markets' platform and people will expand our U.S. capabilities in the municipal and corporate bond markets. We look forward to welcoming the team and working together to deliver an enhanced trading experience for our clients."

Founded in 2013, with offices in Chicago and San Francisco, Headlands Tech Global Markets has developed proprietary software to deliver fully automated electronic market-making in municipal and investment grade corporate bonds. The firm's 15 employees, including Co-CEOs Martin Mannion and Matthew Schrager, will join TD Securities at closing.

"We built our business to provide clients with a superior, fully automated execution experience in fixed income products," said Co-CEO, Martin Mannion, Headlands Tech Global Markets. "Our team is a strong cultural fit with TD Securities, and we are confident that our proven expertise in electronic trading will complement the firm's existing business, growth ambitions and dedication to exceptional client service."

TD's purchase of Headlands Tech Global Markets is expected to close mid-2021 subject to receipt of regulatory approvals, and satisfaction of other customary closing conditions. Upon closing, TD expects the transaction to have a minimal impact on capital.

TD Securities served as financial advisor in connection with this transaction. Evercore served as financial advisor to Headlands Tech.