News Formal

TD Bank to buy U.S. investment firm Cowen for $1.3 billion

  • 📰 financialpost
  • ⏱ Reading Time:
  • 37 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 18%
  • Publisher: 85%

Sverige Nyheter Nyheter

Sverige Senaste nytt,Sverige Rubriker

TD Bank says it will acquire Cowen Inc., a U.S. investment firm, in an all\u002Dcash transaction valued at US$1.3 billion. Read on

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 per cent to 12.0 per cent.

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.

 

Tack för din kommentar. Din kommentar kommer att publiceras efter att ha granskats.
Vi har sammanfattat den här nyheten så att du kan läsa den snabbt. Om du är intresserad av nyheterna kan du läsa hela texten här. Läs mer:

 /  🏆 7. in SE

Sverige Senaste nytt, Sverige Rubriker

Similar News:Du kan också läsa nyheter som liknar den här som vi har samlat in från andra nyhetskällor.

TD buying Cowen for US$1.3B in U.S. investment banking push - BNN BloombergThe Toronto-Dominion Bank confirmed Tuesday morning that it has agreed to buy Cowen Inc. in its latest U.S. takeover.
Källa: BNNBloomberg - 🏆 83. / 50 Läs mer »

TD buying Cowen for US$1.3-billion in bid to speed up U.S. investment bank expansionTD will pay the purchase price of the independent, New York-based dealer in cash
Källa: globeandmail - 🏆 5. / 92 Läs mer »

TD buying Cowen for US$1.3-billion in bid to speed up U.S. investment bank expansionTD will pay the purchase price of the independent, New York-based dealer in cash
Källa: globeandmail - 🏆 5. / 92 Läs mer »

TD buying Cowen for US$1.3B in U.S. investment banking push - BNN BloombergThe Toronto-Dominion Bank confirmed Tuesday morning that it has agreed to buy Cowen Inc. in its latest U.S. takeover.
Källa: BNNBloomberg - 🏆 83. / 50 Läs mer »