Toronto-Dominion Bank said on Thursday it had agreed to buy US lender Wells Fargo & Co's Canadian Direct Equipment Finance business.

The Canadian Direct Equipment Finance business has about C$1.5 billion in assets and provides loans and leases for commercial equipment bought by businesses across Canada.

The deal is expected to close in the first half of 2021.

TD Securities served as financial adviser to TD Bank for the deal, while Wells Fargo Securities served as exclusive financial adviser to Wells Fargo.