By Adriano Marchese

Toronto-Dominion Bank said Tuesday that it has agreed to acquire full-service investment bank Cowen Inc. in a deal valued at $1.3 billion as it continues to grow its exposure to the U.S market.

The Canadian financial institution said it has signed a definitive agreement to acquire the New York City-based investment firm for $39 a share.

"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," TD President and Chief Executive Bharat Masrani said.

Parts of the combined business will be known as TD Cowen, a division of TD Securities, and will be headed by Jeffrey Solomon, Cowen's current chairman and chief executive.

Write to Adriano Marchese at adriano.marchese@wsj.com

(END) Dow Jones Newswires

August 02, 2022 07:18 ET (11:18 GMT)

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