COWN - TD Bank receives regulatory approval to acquire Cowen
- TD Bank ( NYSE: TD ) and Cowen ( NASDAQ: COWN ) announced that they have received all regulatory approvals required under their merger agreement to complete the former's acquisition of the latter.
- In August 2022, TD Bank had agreed to buy Cowen in an all-cash transaction valued at US$1.3B paying $39/share of Cowen's common stock.
- With this step completed, TD expects the acquisition to close on Mar. 1, 2023, as it had indicated earlier it would close in Q1 2023.
- When finalized, the acquisition will add new capabilities in U.S. equities, including a strong sales, trading and execution platform as well as a renowned global research platform.
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TD Bank receives regulatory approval to acquire Cowen