TD Bank Group Acquires Cowen Inc.

TD Bank Group Acquires First Horizon Corporation

February 28, 2022

Financial Services

Toronto-Dominion Bank (TD Bank Group) agreed to acquire First Horizon Corporation in an all-cash transaction valued at US$13.4 billion (US$25.00 per share). The deal creates a top-6 U.S. bank, giving TD immediate scale and presence across the U.S. Southeast while retaining First Horizon's Memphis hub and client-facing bankers.

National Bank of Canada to Acquire Canadian Western Bank

June 11, 2024

Financial Services

National Bank of Canada entered into a definitive agreement to acquire all outstanding common shares of Canadian Western Bank in a share-exchange transaction valuing CWB at approximately $5.0 billion. The deal (exchange ratio 0.450 NB shares per CWB share) expands National Bank's footprint in Western Canada, is expected to close by the end of 2025 subject to shareholder and regulatory approvals, and is supported by an approximately $1.0 billion equity financing including a private placement to CDPQ.

Schneider National Acquires Cowan Systems, LLC

November 25, 2024

Logistics & Distribution

Schneider National, Inc. agreed to acquire Cowan Systems, LLC and affiliated entities for approximately $390 million in cash, plus separate real estate purchases of about $31 million. The Baltimore-based dedicated contract carrier — which operates roughly 1,800 trucks and 7,500 trailers across 40+ Eastern and Mid‑Atlantic locations — will become a wholly owned subsidiary to expand Schneider's Dedicated capacity and capabilities.

Marex Acquires Cowen's Prime Brokerage and Outsourced Trading Business

December 1, 2023

Financial Services

Marex has completed the acquisition of Cowen's prime brokerage and outsourced trading business, adding roughly 160 employees across eight global offices along with clearing counterparties and trading/reporting technologies. The business will join Marex Capital Markets and continue to be led by Jack Seibald and Mike Rosen as part of Marex's effort to expand its prime services, execution and multi-asset clearing capabilities globally.

Capital One Acquires Discover Financial Services

February 19, 2024

Financial Services

Capital One Financial Corporation completed a definitive all-stock acquisition of Discover Financial Services, exchanging 1.0192 Capital One shares for each Discover share and creating a combined global payments and banking platform. The transaction brings together Capital One's technology-enabled banking franchise and Discover's payments network to scale merchant acceptance, expand consumer and small-business offerings, and generate significant cost and network synergies.

CI Financial Acquires Dowling & Yahnke

May 10, 2021

Financial Services

CI Financial Corp. agreed to acquire San Diego-based registered investment advisor Dowling & Yahnke, LLC, which manages approximately US$5.1 billion in assets and serves over 1,300 clients. The deal expands CI's U.S. wealth-management platform and establishes CI's first San Diego location, increasing CI's U.S. assets and presence in southern California; financial terms were not disclosed.