TD Bank Group (TD) has inked a definitive agreement to acquire New York based investment adviser Epoch Investment Partners in a deal valued at $668m in cash.
Under terms of the transaction, Epoch Holding shareholders will receive $28 per share in cash, representing a premium of nearly 28% of its market closing price on 5 December 2012.
TD wealth management, insurance and corporate shared services group head Mike Pedersen said, "It will broaden our offer for institutional and retail clients in Canada and will immediately and significantly strengthen our U.S. Wealth business."
Pending regulatory approval and satisfying customary closing conditions, the deal is also subject to Epoch Holding stockholders approval and expected to close during the first six months of 2013.
Following closing of deal, Epoch will continue to trade and serve clients under its current brand name and operating structure, while the acquirer anticipates addition of nearly $24bn in assets under management.
Established in 2004 and headquartered in New York, Epoch employs 65 staff and provides investment management and advisory services.
TD Bank Group serves approximately 22 million customers and delivers a number of banking services including personal and commercial banking, investment and whole sale banking among others.