Toronto-Dominion Bank (TD) has received all the necessary approvals to acquire U.S. investment bank Cowen Inc. (COWN) for $1.3 billion U.S.
In a statement, TD Bank said it expects to close the deal on March 1 of this year, subject to final customary closing conditions.
TD first announced a bid to buy Cowen in August 2022. The Toronto-based lender said the acquisition will help TD Securities accelerate its U.S. growth strategy.
Cowen chief executive officer (CEO) Jeffrey Solomon is expected join the senior leadership of TD Securities once the deal is finalized.
Separately, TD Bank said that it is still working to secure regulatory approval for its $13.4 billion U.S. deal to take over Tennessee-based First Horizon Corp. bank (FHN).
TD Bank’s stock has declined 11% over the past year to trade at $91.11 per share.
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