Cowen’s $1.9 Billion Acquisition by TD Bank Group

On August 2, 2022, Cowen Inc. (“Cowen”) and TD Bank Group (“TD”) announced a definitive agreement for TD to acquire Cowen in an all-cash transaction with an enterprise value of $1.9 billion. Cravath is representing Cowen in connection with the transaction.

The Cravath team is led by partners Mark I. Greene, Aaron M. Gruber and Andrew M. Wark and includes associates Christopher P. Davis, Marc Bode and Connor F. O’Neill on M&A matters; senior attorney Will C. Giles on bank regulatory matters; partner J. Leonard Teti II, senior attorney Andrew Carlon and associate Sonia Katharani-Khan on tax matters; of counsel Benjamin G. Joseloff, practice area attorneys Lindsay J. Timlin and Nicole M. Peles and foreign associate attorney Stijn de Jong on antitrust and regulatory matters; partner Eric W. Hilfers, practice area attorney Aaron S. Cha and associate Molly E. Nichols on executive compensation and benefits matters; partner Sasha Rosenthal-Larrea and associates Ryan J. Wichtowski and Daniel M. Barabander on intellectual property matters; partner Matthew Morreale on environmental matters; and practice area attorney Brian M. Budnick on real estate matters.