off-the-wire

Canada's TD gets regulatory nod for $1.3 bln purchase of Cowen

Kitco Media
By Reuters
Published:
Updated:
Reuters

Feb 24 (Reuters) - Canada's Toronto-Dominion Bank (TD.TO) has received all regulatory approvals to complete its $1.3 billion acquisition of New York-based boutique investment bank Cowen Inc (COWN.O), the companies said on Friday.

The deal is expected to close on March 1, they said.

TD announced the buyout in August, building on its strategy to expand in the United States. Last February, the Canadian lender had signed a $13.4 billion deal to buy U.S.-based First Horizon Corp (FHN.N).

The First Horizon deal is now expected to close on May 27, three months later than the deadline the companies had set.

Cowen provides investment banking, research, sales and trading and prime brokerage services.

Last week, Cowen reported an 82% drop in fourth-quarter net income as investment banking took a hit.

Reporting by Niket Nishant in Bengaluru; Editing by Sriraj Kalluvila
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