TORONTO ( TheStreet) -- TD Bank ( TD - Get Report) said Tuesday it agreed to buy Chrysler Financial from private-equity firm Cerberus Capital for $6.3 billion in cash.

TD Bank, in a press release, said the purchase is made up of net assets of $5.9 billion and about $400 million in goodwill.

Cerberus purchased the assets in 2007 as part of its push into the auto industry.

TD said the acquisition is expected to close in the second quarter of its fiscal 2011.

-- Written by Joseph Woelfel

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