The acquisition of New York-based boutique investment bank Cowen Inc. by Toronto-Dominion Bank TD.TO for $1.3 billion has been completed, the firms said on Friday.
They stated that the agreement is anticipated to finalize on March 1.
As part of its plan to grow in the US, TD announced the buyout in August. The Canadian lender agreed to pay $13.4 billion to acquire First Horizon Corp., which has its headquarters in the United States.
The First Horizon transaction is now anticipated to close on May 27, three months after the firms’ original target date.
Investment banking, research, sales and trading, and prime brokerage are all services offered by Cowen.
Cowen reported an 82% reduction in fourth-quarter net profits last week because of the decline in the investment banking industry.
