On August 2, 2022, TD Bank Group ("TD") and Cowen Inc. ("Cowen") announced a definitive agreement for TD to acquire Cowen for C$1.7 billion (US$1.3 billion), translating to C$53 (US$39) per share of Cowen common stock. This all-cash deal will bolster TD Securities' growth strategy in the U.S. by integrating a thriving investment bank that complements TD's offerings. Cowen, an esteemed independent dealer, will strengthen TD Securities' U.S. footprint. Bharat Masrani, Group President and CEO of TD, emphasized the acquisition's alignment with TD's strategic growth plans. Jeffrey Solomon, Cowen's Chair & CEO, will helm the combined entity, named TD Cowen, as part of TD Securities. Mr. Solomon remarked on Cowen's growth trajectory and expressed enthusiasm about integrating with TD. With the merger, over 6,500 professionals will span 40 cities worldwide, offering comprehensive investment banking services. Post-acquisition, TD Securities' research capabilities will benefit from Cowen's equity research expertise, which ranks among the U.S. top 10. The deal will likely enhance TD's 2023E adjusted EPS and yield a 14% adjusted return on invested capital. Expected to finalize in early 2023, the transaction is subject to regulatory approvals and customary conditions. To fund the purchase, TD sold 28.4 million non-voting common shares of The Charles Schwab Corporation for about C$2.6 billion (US$1.9 billion). For this transaction, TD consulted Perella Weinberg Partners LP, Simpson Thacher & Bartlett LLP, and Torys LLP. Meanwhile, Cowen engaged Ardea Partners, Perkins Advisors LLC, and Cravath, Swaine & Moore LLP.