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TD Buys U.S. Investment Bank Cowen For $1.3 Billion

Toronto-Dominion (TD) is buying U.S. investment bank Cowen (COWN) for $1.3 billion U.S. as
it pushes further into the American market.

TD says it will pay $39 U.S. per share to buy New York-based Cowen. TD has sold 28.4 million
shares in The Charles Schwab Corp. (SCHW) to finance the acquisition.

The deal, which is expected to close in the first quarter of 2023, is subject to regulatory
approvals in both Canada and the U.S., as well as a vote by Cowen shareholders.

Cowen is the second major U.S. acquisition that TD has undertaken this year. In February, the
Canadian bank announced that it was acquiring Memphis-based First Horizon for $13.4 billion
U.S. That deal is currently working its way through regulatory approvals.

TD said Cowen should help to boost its fiscal 2023 earnings, and that it’s expecting up to $450
million U.S. in pre-tax integration and retention costs over a three-year period.

TD stock is down 17% this year at $82.84 per share. Cowen stock is up 7% on the year and
trading at $38.46 U.S. a share.