TD will pay the purchase price of the independent, New York-based dealer in cash
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.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
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.
Read more »
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.
Read more »
U.S. to announce US$1B to states for floods, extreme heatThe White House is making more than $1 billion available to states to address flooding and extreme heat exacerbated by climate change.
Read more »
AP sources: U.S. operation killed al-Qaida leader al-ZawahriA U.S. drone strike in Afghanistan this weekend killed Ayman al-Zawahri, who took over as al-Qaida leader after Osama bin Laden's death in a U.S. raid.
Read more »
U.S. drone strike kills al-Qaeda leader Ayman al-Zawahri, sources say | CBC NewsSources say a U.S. drone strike in Afghanistan this weekend killed Ayman al-Zawahri, who took over as al-Qaeda leader after Osama bin Laden's death in a 2011 U.S. raid.
Read more »