Exhibit 99.1
TD to Expand its U.S. Investment Banking Business and Capabilities with Acquisition of Cowen Inc.
Acquisition will create an integrated North American dealer, significantly accelerating TD Securities U.S. growth strategy
TORONTO and NEW YORK, August 2, 2022 TD Bank Group (TD) (TSX: TD) and (NYSE: TD) and Cowen Inc. (Cowen) (NASDAQ: COWN)
today announced a definitive agreement for TD to acquire Cowen in an all-cash transaction valued at US$1.3 billion, or US$39 for each share of Cowen common stock. Through this transaction, TD Securities
will accelerate its long-term growth strategy in the United States by acquiring a high-quality and rapidly growing investment bank with outstanding talent and highly complementary products and services.
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, said Bharat Masrani, Group President and CEO, TD Bank Group. Most importantly, the acquisition will provide new capabilities and increased depth in key business
lines to meet our clients needs and will allow us to leverage our combined expertise, talent, and integrated offerings across a much larger client base.
With this acquisition, TD Securities will benefit from the addition of Cowens 1,700 talented colleagues and its exceptional leadership team. Once the
transaction closes, Jeffrey Solomon, Chair & CEO of Cowen, will join the senior leadership of TD Securities, reporting to Riaz Ahmed, President and CEO, TD Securities and Group Head, Wholesale Banking, TD Bank Group. To leverage the
strength of Cowens brand, post-closing, parts of the combined business will be known as TD Cowen, a division of TD Securities, and will be headed by Mr. Solomon.
At Cowen our success comes from striving to outperform in all we do by exceeding expectations and providing innovative solutions to, and partnering
with, our clients. Taking this step will make us even stronger and more effective in serving their growing needs, said Mr. Solomon. The strategic decisions and focused investments that we have made over the last few years have
positioned Cowen for this exciting next chapter of our growth. I look forward to having our exceptional talent and valued clients join the TD family. We plan to do great things together because we are aligned with our cultural values of vision,
empathy, sustainability, and tenacious teamwork.
Together, we will have more than 6,500 professionals in 40 cities across the globe,
extending our reach into new industry coverage areas and building even deeper, long-term client relationships, added Mr. Ahmed. I look forward to welcoming Jeff and his team to TD Securities and to the fantastic opportunities for
growth we will create together.
Source: streetinsider.com
