TD Bank Group to Acquire Cowen Inc for $1.3 Billion

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.

Schneider National to Acquire Cowan Systems, LLC

November 25, 2024

Transportation

Schneider National, Inc. entered into a definitive agreement to acquire Cowan Systems, LLC and affiliated entities for about $390 million in cash, subject to adjustments. The deal also includes separate agreements to purchase certain Cowan Systems real estate assets for about $31 million, and is expected to close in the fourth quarter of 2024.

Warburg Pincus-Led Investor Group To Acquire ECN Capital in C$1.9 Billion All-Cash Deal

November 14, 2025

Financial Services

ECN Capital entered into a definitive arrangement agreement to be acquired in an all-cash transaction valued at approximately C$1.9 billion by a newly formed acquisition entity controlled by an investor group led by Warburg Pincus. The deal provides immediate liquidity for shareholders and is anticipated to close in the first half of 2026, subject to regulatory approvals and court orders.

U.S. Bancorp to Acquire BTIG in Up to $1 Billion Bolt-On Deal

January 12, 2026

Financial Services

U.S. Bancorp signed a definitive agreement to acquire BTIG, a privately held investment bank and brokerage firm, in a bolt-on transaction valued at up to $1 billion. The deal is expected to close in the second quarter of 2026, subject to regulatory approvals and customary closing conditions, and is designed to broaden U.S. Bank’s markets-based capabilities and support institutional and corporate clients.

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.

Capital One Financial Acquires Discover Financial Services

February 19, 2024

Financial Services

Capital One Financial Corporation will acquire Discover Financial Services in an all-stock transaction valued at $35.3 billion. The deal combines Capital One’s banking and technology with Discover’s payments and card network to build a larger global payments platform and to generate expected expense and network synergies.