TD Bank receives all required regulatory approvals for Cowen deal

TORONTO — TD Bank Group says it has received all of the regulatory approvals required under its deal to buy U.S. investment bank Cowen Inc.

The bank expects to close the acquisition on March 1, subject to other customary closing conditions.

TD announced its deal to buy Cowen in a transaction valued at US$1.3 billion in August 2022.

It has said the acquisition will help TD Securities accelerate its long-term growth strategy in the U.S.

Cowen chair and CEO Jeffrey Solomon is expected join the senior leadership of TD Securities once the deal closes.

The Canadian bank is still working to secure regulatory approval for its US$13.4-billion deal to take over Tennessee-based First Horizon Corp.

This report by The Canadian Press was first published Feb. 24, 2023.

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The Canadian Press