TD Bank Group is to acquire Cowen in an all-cash transaction, valued at US$1.3 billion.
The transaction, which has been approved by the boards of directors of TD and Cowen, is expected to close in Q1 2023.
Through the acquisition, TD Securities will gain Cowen's 1,700 colleagues and its leadership team. Once the transaction closes, Jeffrey Solomon, chair and CEO of Cowen, will join the senior leadership of TD Securities. He will report to TD’s Riaz Ahmed, president, CEO, and group head of wholesale banking.
On completion of the acquisition, parts of the combined business will be known as TD Cowen, a division of TD Securities.
Commenting on the acquisition, Ahmed says: "Together, we will have more than 6,500 professionals in 40 cities across the globe, extending our reach into new industry coverage areas and building even deeper, long-term client relationships."
Solomon adds: "Taking this step will make us even stronger and more effective in serving [our clients'] growing needs. The strategic decisions and focused investments that we have made over the last few years have positioned Cowen for this exciting next chapter of our growth.”
