TD Bank Group has completed the previously announced $1.3 billion acquisition of Cowen, an American investment banking company listed on Nasdaq.

The all-cash deal was announced by the Canadian banking group in August 2022 in an effort to expand its investment banking business and capabilities in the US.

According to TD Bank Group, the acquisition furthers the long-term growth strategy of TD Securities in the US. Besides, it adds highly complementing services and products in addition to the existing businesses of TD Securities, which offers corporate and investment banking and capital markets services and products.

Cowen offers a global research business and also adds new capabilities in US equities, which include a robust execution, trading, and sales platform, as well as deep connections with financial and corporate clients across key growth areas.

Riaz Ahmed — TD Securities President and CEO said: “I’m incredibly excited to welcome Cowen’s talented colleagues and leaders to TD Securities and the broader TD team.

“Together, we’ll build for the future, energized by the opportunities ahead for TD Securities, our clients and our 6,500 combined colleagues.”

As per the terms of the deal, Cowen’s shareholders will be paid $39 per share by TD Bank Group.

Cowen’s chair and CEO Jeffrey Solomon will join the senior leadership of TD Securities and report to Riaz Ahmed. Parts of the combined business with the completion of the deal will operate as TD Cowen, said TD Bank Group.

Jeff Solomon said: “We are thrilled to be part of TD.  We are united in our drive to outperform for our clients — bringing the best of our combined expertise and talented teams.

“Our teams share a common vision and dedication to our clients and their success, and we look forward to building for the future together.”

  Banking acquisition news, Banking industry news, Cowen, investment banking, Jeffrey Solomon, Riaz Ahmed, TD Bank Group, TD Securities