The big five bank says the transaction will help TD Securities, the investment arm of the bank, accelerate its long-term growth strategy in the U.S. “by acquiring a high-quality and rapidly growing investment bank with outstanding talent and highly complementary products and services.”
TD says once the transaction closes, Cowen chair and CEO Jeffrey Solomon will join the senior leadership of TD Securities. To provide the capital required for the transaction, TD says it has sold 28.4 million non-voting common shares of The Charles Schwab Corporation for proceeds of approximately US$1.9 billion, reducing TD’s ownership interest from approximately 13.4% to 12.0%.
TD says it expects to achieve US$300 million to US$350 million in revenue synergies by year three post-deal closure. The transaction, which has been approved by the boards of directors of TD and Cowen, is expected to close in the first calendar quarter of 2023, and is subject to customary closing conditions.
Smoke and mirrors.
This news is Disaster for the customers and employees!
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