Add-on Acquisition • Financial Services

TD Bank Acquires Cowen

On August 2, 2022, TD Bank acquired financial services company Cowen for 1.3B USD

Acquisition Context
  • This is TD Bank’s 9th transaction in the Financial Services sector.
  • This is TD Bank’s 4th largest (disclosed) transaction.
  • This is TD Bank’s 8th transaction in the United States.
  • This is TD Bank’s 1st transaction in New York.

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M&A Deal Summary

Date August 2, 2022
Target Cowen
Sector Financial Services
Buyer(s) TD Bank
Deal Type Add-on Acquisition
Deal Value 1.3B USD
Advisor(s) Ardea Partners (Financial)
Cravath, Swaine & Moore (Legal)

Target Company

Cowen

New York, New York, United States
Cowen is a diversified financial services firm and, together with its consolidated subsidiaries, provides alternative asset management, investment banking, research, and sales and trading services. Cowen was founded in 1918 and is based in New York City.
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Buyer Overview 1

Buyer

TD Bank

Toronto, Ontario, Canada

Category Company
Founded 1855
Sector Financial Services
Employees101,577
Revenue 56.3B CAD (2024)
DESCRIPTION
TD Bank branch in Bangor, Maine.
TD Bank branch in Bangor, Maine.

TD Bank and its subsidiaries are collectively known as TD Bank Group (TD or the Bank). TD is a large bank North American bank serving customers in four key businesses operating in a number of locations in key financial centres around the globe: Canadian Personal and Commercial Banking, including TD Canada Trust and TD Insurance; Wealth Management, including TD Waterhouse and an investment in TD Ameritrade; U.S. Personal and Commercial Banking, including TD Bank, America's Most Convenient Bank; and Wholesale Banking, including TD Securities. TD Bank was incorporated in 1855 and is based in Toronto, Canada.


Deal Context for Buyer #
Overall 10 of 10
Sector: Financial Services 9 of 9
Type: Add-on Acquisition 7 of 7
State: New York 1 of 1
Country: United States 8 of 8
Year: 2022 2 of 2
Size (of disclosed) 4 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-02-28 First Horizon

Memphis, Tennessee, United States

First Horizon is a regional financial services company, dedicated to helping clients, communities, and associates unlock their full potential with capital and counsel. The Company and its subsidiaries offer commercial, private banking, consumer, small business, wealth and trust management, retail brokerage, capital markets, fixed income, mortgage, and title insurance services. First Horizon was founded in 1864 and is based in Memphis, Tennessee.

Buy $1.3B