Toronto-Dominion Bank Expands U.S. Footprint With $1.3 Billion Acquisition of Cowen
02 August 2022 - 1:33PM
Dow Jones News
By Adriano Marchese
Toronto-Dominion Bank said Tuesday that it has agreed to acquire
full-service investment bank Cowen Inc. in a deal valued at $1.3
billion as it continues to grow its exposure to the U.S market.
The Canadian financial institution said it has signed a
definitive agreement to acquire the New York City-based investment
firm for $39 a share.
"Cowen is a leading independent dealer with a premier U.S.
equities business and a strong, diversified investment bank that,
when combined with TD Securities, will allow us to accelerate our
strategic U.S. growth plans," TD President and Chief Executive
Bharat Masrani said.
Parts of the combined business will be known as TD Cowen, a
division of TD Securities, and will be headed by Jeffrey Solomon,
Cowen's current chairman and chief executive.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
August 02, 2022 07:18 ET (11:18 GMT)
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