The latest bank/investment firm M&A came on Tuesday as Toronto-Dominion Bank (NYSE:TD) bought Cowen Inc (NASDAQ:COWN) in an all cash deal valued at $1.3 billion or $39 per share, according to a TD Bank Group press release. TD believes that “through this transaction, TD Securities will accelerate its long-term growth strategy in the United States by acquiring a high-quality and rapidly growing investment bank with outstanding talent and highly complementary products and services.”
TD Bank Group President and CEO Bharat Masrani shared: "Cowen is a leading independent dealer with a premier U.S. equities business and a strong, diversified investment bank that, when combined with TD Securities, will allow us to accelerate our strategic U.S. growth plans… Most importantly, the acquisition will provide new capabilities and increased depth in key business lines to meet our clients' needs and will allow us to leverage our combined expertise, talent, and integrated offerings across a much larger client base."
