On June 27, 2000, First Data Corporation and The Toronto-Dominion Bank announced the purchase of the Canada Trust MasterCard merchant acquiring portfolio by First Data Corporation from TD. First Data Loan Company, Canada will serve as the MasterCard acquiring entity for the Canada Trust portfolio. The transaction has received the necessary Competition Bureau and regulatory approvals. The sale fulfils TD Bank’s responsibility to address competitive concerns raised by the Competition Bureau concerning TD Bank’s acquisition of Canada Trust, which was completed in February, 2000.
Blake, Cassels & Graydon LLP worked with First Data on the incorporation of First Data Loan Company, Canada, a federal loan company under the Trust and Loan Companies Act, the organization of the loan company, its application for an order to commence and carry on business which was granted on July 1, 2000 and the acquisition of the Canada Trust MasterCard merchant portfolio. At Blakes, John Teolis, Dawn Jetten, Kathleen Penny, Allan Gelkopf, Rob Kwinter and Trisha Elia assisted First Data attorneys Pam Griffin and Mike Rodin with the incorporation and organization of the loan company and the transaction. McCarthy Tétrault advised TD Bank and Canada Trust on the corporate and commercial aspects of the transaction with a team of lawyers that included Stephen Clark, Andrew Armstrong, Gregory Winfield and Dean Palmer with the assistance of Jay Holsten of Torys on competition law matters.