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TD Group Snaps Up Cowen for $1.3B, Further Expands U.S. Presence

Stock Markets Aug 02, 2022 08:59AM ET
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© Reuters. TD Group (TD) Snaps Up Cowen (COWN) for $1.3B, Further Expands US Presence

By Vlad Schepkov

Canadian TD Group (TSX:TD) today confirmed the rumors first circulated late Monday and officially announced its acquisition of the US-based Cowen (NASDAQ:COWN).

In a deal that will further expand its presence in the US, the Canadian banking behemoth is paying $1.3 billion in cash, or $39 per share, for the over 100-year-old American investment bank, research, and financial services provider.

“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” – said TD Group’s CEO Bharat Masrani.

Jeffrey Solomon, CEO of Cowen, soon to rebrand as TD Cowen, noted that “Taking this step will make us even stronger and more effective in serving their (clients’) growing needs.”

The acquisition marks another step in TD Group’s aggressive US expansion – back in February, the company snapped up US-based First Horizon Corp for a whopping $13.4 billion.

Shares of TD are staying flat in the pre-market, COWN is trading around $38.20 or 2% shy of the $39 cash buyout price.

TD Group Snaps Up Cowen for $1.3B, Further Expands U.S. Presence
 

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Kolapo Aderemi
Kolapo Aderemi Aug 02, 2022 9:03AM ET
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Good move by TD
 
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