is acquiring New York-based Cowen Inc. for US$1.3-billion in an attempt to speed up its plans to expand its U.S. investment bank.
Cowen is an independent dealer with 1,700 staff with a specialty in U.S. equities, and when added to TD Securities, the combined company will have revenue of about $6.8-billion. TD had already been spending money to bulk up TD Securities in the U.S., but the deal is expected to accelerate that plan and give the dealer a broader set of products and capabilities.struck a US$13.4-billion deal
To raise the funds TD needs to buy Cowen, TD sold 28.4 million shares it owned in The Charles Schwab Corp. for US$1.9-billion. TD owned 13.4 per cent of Charles Schwab after it sold its stake in TD Ameritrade Holding Corp. to the rival company in 2020. TD now owns 12 per cent of Charles Schwab and the company said in a news release it has no current plans to sell more of the stock.
TD said the deal adds advisory, capital markets, equity execution and research expertise, including in environmental, social and governance research.
Canada Canada Latest News, Canada Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: BNNBloomberg - 🏆 83. / 50 Read more »
Source: BNNBloomberg - 🏆 83. / 50 Read more »